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USD/JPY has reached 116.11 Fibonacci extension target – Commerzbank

FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that USD/JPY has reached the band of resistance at 116.07/11 which is the 1.272 Fibonacci extension taken from the August low to the September peak and projected up from the October low.

Key Quotes

“The Elliott wave count on the 240 minute chart is suggesting a retracement to 112.65/110.90.”

“Key support is the 110.67 August 2008 high and the accelerated uptrend at 110.74 – while this holds pressure remains on the topside.“

“Above 116.10, we have a resistance line 116.37 (connects highs from 2011), then there is very little until the 117.95 Oct 2007 high.”

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