Back
19 Mar 2015
Further downside on the cards for USD/JPY? – Commerzbank
FXStreet (Edinburgh) - In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, there could still be ‘unfinished business on the downside’ for USD/JPY.
Key Quotes
“Market has failed at the 121.86 December high and the 122.33 15 year downtrend and sold off below the 5 month uptrend to the 55 day ma at 119.08”.
“The 13 count on the monthly and a negative intraday Elliott wave count suggest unfinished business on the downside”.
“Below 119.08 will target the 118.11 16th February low and possibly a slide to the base of the 4 month range at 116.40 currently”.
Key Quotes
“Market has failed at the 121.86 December high and the 122.33 15 year downtrend and sold off below the 5 month uptrend to the 55 day ma at 119.08”.
“The 13 count on the monthly and a negative intraday Elliott wave count suggest unfinished business on the downside”.
“Below 119.08 will target the 118.11 16th February low and possibly a slide to the base of the 4 month range at 116.40 currently”.