FXStreet (Edinburgh) – Axel Rudolph, Senior Technical Analyst at Commerzbank, believes the pair could attempt a test of the 121.00/122.00 area.
Key Quotes
“USD/JPY once again tests the 38.2% Fibonacci retracement at 118.88, where it has so far stalled”.
“Intraday dips are indicated to hold at 117.65/40 and the intraday Elliott wave count is suggesting scope for 121.00/122.00”.
“Above 119.08, yesterday’s high, would allow for a deeper retracement to 119.78, then the 61.8% retracement of 120.68”.
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