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USD/JPY: Immediate bias neutral - Commerzbank

Karen Jones, analyst at Commerzbank, suggests that USD/JPY is likely to keep its immediate bias neutral as it continues to recover from the 3 month uptrend at 112.41, keeping the range intact.

Key Quotes

“Intraday Elliott wave counts have turned more positive and we would allow for recovery to the top of the range at 113.90. A close above here is needed to confirm scope to the 114.55 October high. Failure at the 112.41 uptrend would target the 110.81/109.77 200 day moving average and August low. If the 109.77 August low were to give way, the June 8 low at 109.20 would be in focus. Failure there would imply a slide back to the 108.12 May 29 low and the mid-February high at 107.91.”

“Above the market lies the 114.55 October high and the 115.60 61.8% Fibonacci retracement - this represents very tough overhead resistance.”

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