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USD/JPY door open for a test of 110.67 – Commerzbank

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 30, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair could be poised for a visit of the 110.60 area.

    Key Quotes

    USD/JPY’s correction higher has failed at the top of a 6 week channel at 113.99 and we note the Elliott wave count is suggesting that the market will fail here”.

    “We will need a close above 114.88 (38.2% retracement) to confirm short term reversal. For now we would allow for further weakness and a slide to the 112.00 mid point and the 110.67 mid March low”.
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