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USD/JPY risks a drop to 120.85 – Commerzbank

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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