Karen Jones, analyst at Commerzbank, suggests that the USD/JPY pair is consolidating but the intraday Elliott wave counts continue to suggest that this is corrective only and that the market should fail shortly.
Key Quotes
“The daily Elliott count is suggesting scope for the 110.30 region before failure, but we have the 20 day ma at 109.32 ahead of there and suspect it will fail shortly.”
“We would then allow slippage back towards the 104.10 spike low. The recent move lower was exhaustive and we suspect that this will hold for now. Above 110.30 will allow for a retest of the 111.38 the 26th October low. Support at 104.63/10 guards the 100.70 Fibonacci support and the 99.00 2016 low.”
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