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Forex pairs in this Article » USD/JPY (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that USD/JPY rallied higher following its recent test of and rebound off the 101.54 July peak.

Key Quotes

“We note the Elliott wave count on the daily chart suggests a retracement back to 100.91/100.16 remains viable, however the slide lower held over the July 2013 high at 101.54 and this we regard as bullish price action.

Short term target remains 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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