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USD/JPY well supported around 116.37 – Commerzbank

FXStreet (Edinburgh) - In the view of Karen Jones, Head of FICC Technical Analyst at Commerzbank, pullbacks in the pair could find strong support around 116.37.

Key Quotes

USD/JPY - the Elliott wave count is suggesting that failure circa 121.25/35 was the end of wave ‘4’ and near term risks remain on the downside”.

“Attention remains on the 6 week uptrend at 119.34. Below here will target the 118.33 March low en route to the 116.15/115.85 2015 low and the recent low”.

“Here we also find the 2012-2015 116.37 uptrend. We look for this to hold the downside and provoke recovery”.

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