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In view of Axel Rudolph, analyst at Commerzbank, USD/JPY pair is sitting just below the 110.00 resistance level and the Elliott wave count continues to indicate that this move is corrective only, the DMI is negative but the market continues to hold these levels.

Key Quotes

“It is being contained higher in a channel and the top of this is located at 110.71. 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 will attempt short positions. The base of the channel at 108.80 guards the 107.75/50 band.”

“Resistance at 111.38, the 26th October low, guards112.23 the 6 th December low and the top of the range at 113.84.”