Forex Flash: USD/JPY bouncing from cloud support - Commerzbank

FXstreet.com (Barcelona) - The market has been underpinned by a cloud support on the 240 minute chart since the 13th December, located at 86.72/85.74. These past hours, the USDJPY eased back towards that area and bounced from there: "It is correcting lower very near term, having halted just below major resistance - namely 89.30, its 30 year downtrend. This is regarded as a temporary halt in the bull move ahead of a move to 93.32 - the measurement higher of the triangle", wrote analyst Karen Jones, assuming that the market remains immediately bid while above 85.25, with initial support at 85.80 (23.6% retracement).