Karen Jones, analyst at Commerzbank, suggests that USD/JPY is approaching key resistance offered by the 108.99 July high, while its intraday Elliott wave counts have turned positive. Key Quotes “A close above here looks increasingly likely and would imply that the market has based near term and initiate recovery to the 200 day ma at 110.52. Support is offered by the 107.32 uptrend which would be likely to act as a near term break point to the 106.78 recent low and eventually 105.87, the 78.6% retracement of the move seen this year. The 110.67 April 21 high guards the 2015-2019 downtrend at 111.81.” “We look for the market to remain capped by its 111.81 2015-2019 downtrend. Only above here would target the 114.55 October 2018 high.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next China’s Politburo: Will keep monetary policy neither too tight nor too loose FX Street 4 years Karen Jones, analyst at Commerzbank, suggests that USD/JPY is approaching key resistance offered by the 108.99 July high, while its intraday Elliott wave counts have turned positive. Key Quotes "A close above here looks increasingly likely and would imply that the market has based near term and initiate recovery to the 200 day ma at 110.52. Support is offered by the 107.32 uptrend which would be likely to act as a near term break point to the 106.78 recent low and eventually 105.87, the 78.6% retracement of the move seen this year. The 110.67 April 21 high guards the 2015-2019… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
