18 Aug 2015
USD/JPY bullish above 122.85/123.01 – Commerzbank
FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, sees the pair keeping the bullish outlook while above the 122.85/123.01 area.
Key Quotes
“USD/JPY continues to chart tight ranges following its recent key day reversal and we would allow for some slight near term weakness”.
“The Elliott wave count is suggesting only a shallow retracement to 123.60 is likely to be seen ahead of recovery”.
“We will retain our medium term bullish forecast while the 123.01 late July low and 50% retracement at 122.85 underpins, however. Only failure there would mean that a slip back towards 121.30 2015 uptrend is likely”.
“The June peak at 125.86 and the May 1997 high at 127.48 will only be back in the picture if a rise above the recent high at 125.28 is seen. This currently looks to be unlikely”.
Key Quotes
“USD/JPY continues to chart tight ranges following its recent key day reversal and we would allow for some slight near term weakness”.
“The Elliott wave count is suggesting only a shallow retracement to 123.60 is likely to be seen ahead of recovery”.
“We will retain our medium term bullish forecast while the 123.01 late July low and 50% retracement at 122.85 underpins, however. Only failure there would mean that a slip back towards 121.30 2015 uptrend is likely”.
“The June peak at 125.86 and the May 1997 high at 127.48 will only be back in the picture if a rise above the recent high at 125.28 is seen. This currently looks to be unlikely”.