Forex Flash: USD/JPY corrective near term - Commerzbank

FXstreet.com (Barcelona) - Commerzbank analysts continue to target 93.32 for the USDJPY, but are noting the divergence of the daily RSI in the near term, making them wary of the up move. "A move above 90.25/26 is needed to reassert upside pressure, while capped here a slide back to the up trends remains feasible", wrote analyst Karen Jones.

The USDJPY continues to be held over the 240 minute cloud (that has under pinned the market since the 13th December), which is currently located at 88.80/25. "This support is reinforced by the 88.14 accelerated uptrend and the 86.58 2 month uptrend", Jones said.