USD/JPY remains under pressure - Commerzbank
Karen Jones, analyst at Commerzbank, suggests that the USD/JPY pair has started to erode the 112.23, 6th December low and remains under pressure.
“Intraday Elliott wave counts are negative and the near term risk is for failure and a slide back to the 200 day ma at 110.89 then 109.77, the 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. Rallies will find initial resistance at 112.98/113.15 (the 20 and 55 day ma) ahead of the top of the range at 113.86. A close above here is needed to confirm scope to the 114.55 October high.”