Karen Jones, Head of FICC Technical Analysis at Commerzbank, argued that downside risks still persist around the pair. Key Quotes “USD/JPY view unchanged, we think it is basing but need more conformation”. “Last week the market held over the 110.98 recent low and on Friday extended its rebound, and is attempting to erode the 20 day ma at 13.86. Is this a low in place? – possibly BUT to confirm it needs to close above 114.87/115.10 (recent high and Fibo) as an absolute minimum and preferably regain 116.15, the August low”. “Currently the intraday Elliott wave counts are negative and near term risks remain on the downside”. For more information, read our latest forex news.