USD/JPY door open for a test of 114.02 – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair could attempt a visit of the 114.00 neighbourhood.

Key Quotes

“USD/JPY’s correction higher is poised to reach the top of a 6 week channel at 114.02 and we note the Elliott wave count is suggesting that the market will fail here”.

“We will need a close above 114.88 (38.2% retracement) to confirm short term reversal. For now we would allow for initial failure here. Above here will target the 116.15 August 2015 low initially”.