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USD/JPY risks a test of 120.85 – Commerzbank

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 11, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair could slip lower to test the 120.85 level.

    Key Quotes

    USD/JPY remains on the defensive following failure at the 122.20 support”.

    “The intraday Elliott wave counts are suggesting rallies to 122.20 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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