USD/JPY: 122.20 support is critical - Commerzbank

Ross J Burland FXStreet

FXStreet (Guatemala) - Karen Jones, chief analyst at Commerzbank noted that USD/JPY needs to hold above the 122.20 support for an upside bias to remain.

Key Quotes:

"The intraday Elliott wave counts are pretty neutral. Resistance is offered by the 123.77 the recent high. Above here will target 125.00/28 (the August high).

Nearby support is 122.23, the mid November low and while above here the market remains immediately bid. The 3 month support line lies at 119.98. Key support remains 118.86 the 2012-2015 uptrend, while above here we are bullish."

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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