6 Dec 2013
Flash: USD/JPY correcting lower - Commerzbank
FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that USD/JPY sees no change, and the market has started to ease lower and the risk of a deeper correction lower remains.
Key Quotes
“We note the Elliott wave count on the daily chart suggests a retracement back to 100.91/100.16 remains viable and we would allow for some weakness ahead of gains to 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.”
Key Quotes
“We note the Elliott wave count on the daily chart suggests a retracement back to 100.91/100.16 remains viable and we would allow for some weakness ahead of gains to 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.”