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Elliott wave count in USD/JPY, bearish - Commerzbank

FXStreet (Guatemala) - Karen Jones, chief analyst at Commerzbank explained that 121.25/35 was a pivotal point on the Elliott wave counts in USD/JPY.

Key Quotes:

"Below here will target the 118.33 March low enroute 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.

The market will find tough resistance directly overhead offered by 121.76/79, the late August high and the 61.8% retracement. While capped here a negative bias remains entrenched."

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