Forex Flash: Window still open for the Yen to recover - JPMorgan

FXstreet.com (Barcelona) - According to JP Morgan Global FX Strategist John Normand there is still a window open for the Yen to recover recent losses "as internal 76.4 % retracements at 129.68 in EUR/JPY, at 152.14 in GBP/JPY, at 103.87 in AUD/JPY and at 85.05 in NZD/JPY have not been broken decisively or not been touched yet" he said.

John adds: "As long as that’s not the case, another down-leg towards internal 38.2 % retracements at 119.37 in EUR/JPY, at 141.25 in GBP/JPY, at 75.59 in NZD/JPY and at 95.49 in AUD/JPY can be expected where perfect risk-rewards would be given to re-establish strategic JPY short positions."