Analysts: sell USD/JPY
Analysts at Commerzbank maintain a bearish medium-term view on USD/JPY. While capped by 103.70 the near term risk remains for losses to 101.00 and possibly 100.00 (50% and the 61.8% retracement of the move up from October). “Rallies will find additional resistance at 103.48 (previous support line) and at 103.84”, Commerzbank adds.
Morgan Stanley strategists went even further, selling the pair at 103.00, with a stop at 104.00 and a target at 98.00 yen. "Given that we expect the risks from emerging markets to persist, especially growth risks from China, we view USD/JPY rebounds as providing renewed selling opportunities."
Chart. Daily USD/JPY