8 Jul 2015
USD/JPY: 122.00 last stop until 120.26 - CB
FXStreet (Guatemala) - Karen Jones, chief analyst at Commerzbank explained the technical conditions surrounding USD/JPY.
Key Quotes:
"USD/JPY is somewhat stuck near term. Overhead the market has a resistance line at 123.42 and below support is offered by 122.04/121.86 key supports. While these supports hold, the ascending triangle pattern and the 128.15 upside measured target remains viable."
"However Elliott wave counts are more negative and we would allow for a slide back to the 5 month uptrend at 120.26. Our mildly negative stance remains while capped by the 123.42 resistance line. Above the 123.42 resistance line will target the 124.46 level and the market will need to regain this resistance to refocus attention on the 125.86 June high."
Key Quotes:
"USD/JPY is somewhat stuck near term. Overhead the market has a resistance line at 123.42 and below support is offered by 122.04/121.86 key supports. While these supports hold, the ascending triangle pattern and the 128.15 upside measured target remains viable."
"However Elliott wave counts are more negative and we would allow for a slide back to the 5 month uptrend at 120.26. Our mildly negative stance remains while capped by the 123.42 resistance line. Above the 123.42 resistance line will target the 124.46 level and the market will need to regain this resistance to refocus attention on the 125.86 June high."