FXStreet (Edinburgh) – According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, spot points to a consolidative pattern in the near term.
Key Quotes
“USD/JPY is somewhat stuck near term”.
“Overhead the market has a resistance line at 123.42 and below support is offered by 122.04/121.86 key supports”.
“While these supports hold, the ascending triangle pattern and the 128.15 upside measured target remains viable”.
“However Elliott wave counts are more negative and we would allow for a slide back to the 5 month uptrend at 120.26”.
“Our mildly negative stance remains while capped by the 123.42 resistance line”.
(Market News Provided by FXstreet)