Forex Flash: USD/JPY with one more leg to 94.70 prior to failure - Commerzbank

Commerzbank analysts point to 93.32 and 93.96 (38.2% retracement of the move down from 2007) as major resistance/target zone for this move. “The Elliot wave count on the intraday chart is implying we have one more leg to 94.70 prior to failure”, wrote analyst Karen Jones, pointing to support at 89.88 and 89.55.

“The market is under pinned by the 20 day ma at 89.88 and 2 month up channel at 89.55, while above here the market will remain immediately bid”, she added, pointing also to support at 87.90 3 month uptrend.