19 Jan 2015
USD/JPY downside looks to 115.50 – Commerzbank
FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, highlighted the relevance of the support level in the mid-115.00s for USD/JPY.
Key Quotes
“Loss of 115.50 would introduce scope for a retracement towards 113.50/111.55, but currently the Elliott wave count is suggesting that this will hold”.
“Initial resistance is offered by the 55 day ma at 118.15, tougher resistance is the 120.09 short term downtrend and directly above the market lies the 122.58/123.40 major resistance, this is the location of the 14 year downtrend and the long term Fibonacci retracement”.
Key Quotes
“Loss of 115.50 would introduce scope for a retracement towards 113.50/111.55, but currently the Elliott wave count is suggesting that this will hold”.
“Initial resistance is offered by the 55 day ma at 118.15, tougher resistance is the 120.09 short term downtrend and directly above the market lies the 122.58/123.40 major resistance, this is the location of the 14 year downtrend and the long term Fibonacci retracement”.