USD/JPY door open for a test of 114.02 – Commerzbank

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 29, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair could attempt a visit of the 114.00 neighbourhood.

    Key Quotes

    USD/JPY’s correction higher is poised to reach the top of a 6 week channel at 114.02 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 initial failure here. Above here will target the 116.15 August 2015 low initially”.
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