USD/JPY: Negative bias remains below 109.09 – Commerzbank

Karen Jones, analyst at Commerzbank, explains that the USD/JPY pair is consolidating but the intraday Elliott wave counts continue to suggest that this is corrective only.

Key Quotes

“While capped by the 109.09 resistance the market will remain offered and we would allow slippage back towards the 104.10 spike low. The recent move lower was exhaustive and we suspect that this will hold for now. A negative bias remains intact while capped by 109.09, last week’s high. Above here will allow for a retest of the 111.38 the 26th October low. Support at 104.63/10 guards the 100.70 Fibonacci support and the 99.00 2016 low.”