Karen Jones, analyst at Commerzbank, suggests that the USD/JPY pair has started to erode the 112.23, 6th December low and remains under pressure.
Key Quotes
“Intraday Elliott wave counts are negative and the near term risk is for failure and a slide back to the 200 day ma at 110.89 then 109.77, the August low. If the 109.77 August low were to give way, the June 8 low at 109.20 would be in focus.”
“Failure there would imply a slide back to the 108.12 May 29 low and the mid February high at 107.91. Rallies will find initial resistance at 112.98/113.15 (the 20 and 55 day ma) ahead of the top of the range at 113.86. A close above here is needed to confirm scope to the 114.55 October high.”
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