FXStreet (Edinburgh) -The recent price action suggests the pair’s tone remains offered when trading below the 102.27 level, observed Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

USD/JPY’s rebound off the 101.10/100.75 key support area which consists of the 55 week ma and is probing overhead resistance”.

“We note the Elliott wave count on the intraday charts is negative and we suspect that this should falter - USD/JPY remains directly offered below the recent high at 102.27, although key resistance remains the 2014 downtrend at 102.56”.

“Longer term we suspect that the risk is growing for a downside break towards the 2013-2014 uptrend at 100.48.

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