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."
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."
