9 Jun 2015
USD/JPY: Attempt small shorts – Commerzbank
FXStreet (Barcelona) - USD/JPY’s new high remains unconfirmed by technicals, notes Karen Jones, Head of Technical Analysis at Commerzbank, and further suggests attempting small shorts from 124.80.
Key Quotes
“USD/JPY’s new high of 125.86 has not been confirmed by the daily RSI and we would lighten longs/tighten up stops accordingly. The intraday Elliott wave count is suggesting that we allow for a retracement to approximately 122.20/04 ahead of further gains – this is the 50% retracement of the move up from April and the March high. Beyond this It remains on target for 128.00/15 – this is a measured upside target from an ascending triangle, which completed recently.”
“Current Position: Holding small longs 124.46. Recommended Trade: Exit these at market (circa 124.53) Attempt small shorts 124.80, stops 125.10”
Key Quotes
“USD/JPY’s new high of 125.86 has not been confirmed by the daily RSI and we would lighten longs/tighten up stops accordingly. The intraday Elliott wave count is suggesting that we allow for a retracement to approximately 122.20/04 ahead of further gains – this is the 50% retracement of the move up from April and the March high. Beyond this It remains on target for 128.00/15 – this is a measured upside target from an ascending triangle, which completed recently.”
“Current Position: Holding small longs 124.46. Recommended Trade: Exit these at market (circa 124.53) Attempt small shorts 124.80, stops 125.10”