USD/JPY could revisit 111.45 and 110.27 – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair could attempt another test of 111.45 and 110.27.

Key Quotes

“USD/JPY reached the 113.80/114.87 resistance area which consists of the mid-February-to-March highs. It capped as expected, we note the 13 count on the 240 minute chart and TD resistance at 113.90. The late May 111.45 high and also at the 110.27 November 22 low are still expected to be revisited. Note the Elliott wave count is suggesting a retracement into the 110.90/109.05 band. This is the 23.6% and 38.2% retracement of the last leg up. We are looking for a shallow correction only”.

“Above 114.87 sits the 115.97 January low”.