USD/JPY bears back in control - CB

FXStreet (Guatemala) - Karen Jones, chief analyst at Commerzbank explained that USD/JPY has recovered towards near term resistance but has yet to close above here.

Key Quotes:

"The intraday Elliott wave counts have neutralised, which suggests that we may simply consolidate. Nearby support lies at 122.04, the March high and this guards 121.14 the 55 day ma."

"We notice the rather large divergence on the weekly chart and for now will revert to neutral medium to longer term."