Forex Flash: USD/JPY deteriorated picture allows drop to 96.22 and 95.67/55 – Commerzbank

FXstreet.com (Barcelona) - Commerzbank analysts see the USD/JPY picture deteriorated: “The market is starting to react lower, backing away from 99.70/100.00 (recent high, Fibonacci retracement and psychological resistance). This is tough resistance, and dips lower should find support now at 96.22, 95.67/55”, wrote analyst Karen Jones, pointing to key support at trend and cloud support 94.96/43. As long as this hold the downside, “the market will remain capable of targeting 101.27/67 (the 1999 and 2005 lows)”, she continued, adding another target at 105.50 (61.8% retracement of the move down from the 2007 peak).