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1 Jun 2015
USD/JPY remains bullish long term – Commerzbank
FXStreet (Edinburgh) - In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the prospect for the pair remains bullish in the longer run.
Key Quotes
“USD/JPY has seen a small erosion of the 124.14 June 2007 high, we have not seen a close above here however and coupled with the TD perfected set up on the daily (Tom de Mark signal warning of possible reversal) from last week, we would allow for a small retracement”.
“The Elliott wave count on the intraday chart is suggesting a retracement to 123.00-122.15 ahead of recovery”.
“Longer term remain bullish, the market has recently completed an ascending triangle which offers a longer term target to 128.00/15”.
“Dips lower are indicated to terminate circa 122.90, 122.00. Key support is considered to be the 5 month uptrend at 119.20 and while above here we remain bullish”.
Key Quotes
“USD/JPY has seen a small erosion of the 124.14 June 2007 high, we have not seen a close above here however and coupled with the TD perfected set up on the daily (Tom de Mark signal warning of possible reversal) from last week, we would allow for a small retracement”.
“The Elliott wave count on the intraday chart is suggesting a retracement to 123.00-122.15 ahead of recovery”.
“Longer term remain bullish, the market has recently completed an ascending triangle which offers a longer term target to 128.00/15”.
“Dips lower are indicated to terminate circa 122.90, 122.00. Key support is considered to be the 5 month uptrend at 119.20 and while above here we remain bullish”.