Flash: USD/JPY divergence point to small retracement – Commerzbank

FXstreet.com (Edinburgh) – Karen Jones, Head of Technical Analysis at Commerzbank notes that USD/JPY has maintained upside pressure following its rebound off the accelerated uptrend, which today is located at 101.52 and continues to target the 103.74 2013 high.

Key Quotes

“We note the 13 count on the 240 minute chart and TD resistance at 102.60 and we also note the
slight divergence of the daily RSI on the daily chart. Therefore we would allow for a small retracement, the recent break up from a large triangle points to a longer term target of 108.86.”

“Minor support is seen …read more