USD/JPY: under pressure in its range - Commerzbank

According to Karen Jones, Analyst at Commerzbank, the USD/JPY pair is trying to bottom out, but so far remains range bound.

Key quotes:

“USD/JPY is under pressure in its range and has failed ahead of the 114.38/82 major resistance. Dips lower should find initial support at the 200 day ma at 111.65 ahead of the base of the cloud at 111.03. We note the more negative intraday Elliott wave count and will allow for a near term slide lower.”

“Below the cloud, we remain unable to rule out losses to extend to the 78.6% retracement at 108.90.”