Flash: USD/JPY strong rebound seen from accelerated uptrend – Commerzbank

FXstreet.com (Barcelona) – Karen Jones, Head of Technical Analysis at Commerzbank notes that USD/JPY has seen a very strong rebound off the accelerated uptrend, which today is located at 101.27 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 while we would allow for a small retracement, the recent break up from a large triangle points to a longer term target of 108.86.”

“We also note the slight divergence of the daily RSI on the daily chart. Minor support is seen around 101.27 the accelerated …read more