USD/JPY a visit of 110.11 is not ruled out – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, sees room for USD/JPY to test the 110.10 region.

Key Quotes

“The market recently held its 200 week ma at 110.49. Please also note that the Elliott wave count on the daily chart suggests that this is the end of the down move but intraday Elliott wave counts are more negative and we are unable to rule out slippage to the 110.11 recent low and the 109.10 50% retracement and the 108.47 200 day ma”.

“Rallies will find initial resistance at 113.06 (55 day ma) but only above 115.62, would we look for a challenge to the key short term resistance offered by the 16 month resistance line at 117.44”.