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Forex pairs in this Article » USD/JPY (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that USD/JPY sees no change, and the market has started to ease lower and the risk of a deeper correction lower remains.

Key Quotes

“We note the Elliott wave count on the daily chart suggests a retracement back to 100.91/100.16 remains viable and we would allow for some weakness 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.”

“Support is found at the 101.54 July high and 100.62 September high. We will stay bullish while above the 99.56 November 19 low.”
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