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Forex pairs in this Article » USD/JPY (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that USD/JPY has eroded the 102.60 TD resistance and attention is back on the 103.74 2013 high.

Key Quotes

“We note the Elliott wave count on the 240 minute RSI suggests a retracement back to 101.90/101.00 remains viable and would allow for some weakness back towards the 102.01 accelerated uptrend ahead of gains to the 103.74 2013 high.”

“Longer term,. the market has recently broken up from a large triangle points to a longer term target of 108.86. We have an additional target en route at 105.48, the 61.8% retracement of the move down from 2007.”

“Minor support is seen around 102.01 the accelerated uptrend, and the 100.62 September high. We will stay bullish while above the 99.56 November 19 low.”
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