USD/JPY bullish above 119.20 – Commerzbank

FXStreet (Edinburgh) – The outlook on the pair will remain bullish as long as it trades above the 119.20 area, according to Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

USD/JPY has now eroded 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), we would allow for a 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”.

The outlook on the pair will remain bullish as long as it trades above the 119.20 area, according to Karen Jones, Head of FICC Technical Analysis at Commerzbank…

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