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Karen Jones, analyst at Commerzbank, suggests that the USD/JPY pair has reached the 55 day ma at 110.53 and will shortly encounter the top of a short term channel which is located at 110.82.

Key Quotes

“The Elliott wave count continues to indicate that this move is corrective only. We are currently sitting below the 200 day ma and the October low at 111.28/41.”

“We remain suspicious of the current rally and have attempted short positions. The base of the channel at 108.95 guards the 107.75/50 band.”

“Resistance at 111.38/41, the 26th October low, guards 112.23, the 6 th December low and the top of the range at 113.84.”