USD/JPY: Corrective move - Commerzbank
|According to Karen Jones, analyst at Commerzbank, USD/JPY pair has seen a slight erosion of the 110.000 resistance and the Elliott wave count continues to say that this move is corrective only, the DMI is negative.
Key Quotes
“The chart remains negative but currently is grinding higher. The market is contained higher in a channel and the top of this is located at 110.51. We are currently in no man’s land sitting below the 200 day ma and the October low at 111.26/41. The base of the channel at 108.64 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.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.