Forex Flash: USD/JPY upside bias remains – Commerzbank

FXstreet.com (Barcelona) - The Japanese yen is intensifying its weakness on Wednesday, posting multi-year lows against its American counterpart and pushing the USD/JPY to levels well above the 99.00 handle.

“The corrective phase is underway and the Elliott wave count on the 60 minute chart is suggesting this is complete. The count on the 240 minute chart is suggesting a 96.90/95.30 retracement prior to the next leg up. This up move in the USD/JPY has been typified by shallow corrections. Conclusion – we will attempt small longs here”, explained Karen Jones, Head of FICC Technical Analysis at Commerzbank.