FXStreet (Guatemala) – Karen Jones, chief analyst at Commerzbank explained that 121.25/35 was a pivotal point on the Elliott wave counts in USD/JPY.
Key Quotes:
“Below here will target the 118.33 March low enroute to the 116.15/115.85 2015 low and the recent low. Here we also find the 2012- 2015 116.37 uptrend. We look for this to hold the downside and provoke recovery.
The market will find tough resistance directly overhead offered by 121.76/79, the late August high and the 61.8% retracement. While capped here a negative bias remains entrenched.”
(Market News Provided by FXstreet)