USD/JPY: Bears eye a test of 200-day ma at 111.62 - Commerzbank

In the view of Karen Jones, an analyst at Commerzbank, the near-term outlook for the USD/JPY pair looks bleak, given the negative intraday Elliott wave count.

Key Quotes:

“USD/JPY has eroded the 55-day ma at 112.86 and is relatively neutral in its range. The market has recently failed ahead of the 114.38/82 major resistance. Dips lower should find initial support at the 200-day ma at 111.62 ahead of the base of the cloud at 111.03.”

“We note the more negative intraday Elliott wave count and will allow for a near-term slide lower.“