USD/JPY risks a drop to 120.85 – Commerzbank

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 10, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, believes the pair could visit the 120.85 level.

    Key Quotes

    USD/JPY has eroded the 122.20 support, this has put it on the defensive - the intraday Elliott wave counts are suggesting rallies to 121.90-122.25 are likely to falter”.

    “We would allow for losses to 120.85, the 38.2% retracement of the move up from August, and the support line at 120.08. Key support remains the 119.11 2012-2015 uptrend”.
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