Karen Jones, Head of FICC Technical Analysis at Commerzbank, believes the pair’s rebound could find resistance around 114.16.
“USD/JPY’s daily RSI has not confirmed the new low at 110.67”.
“This suggests a loss of downside momentum and we are seeing a near term rebound, but is likely to meet initial resistance at 112.99 offered by the 20 day ma and remain capped by the short term resistance line at 114.16”.
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