Forex Flash: USD/JPY may take profit very near term - Commerzbank
Forex pairs in this Article » USD/JPY
FXstreet.com (Barcelona) - Commerzbank analysts suspect that very near term profit taking is due as divergence of the RSI and the 13 count and TD perfection set up on the daily chart suggest such event. "Beyond a correction we look for the a move to the 86.83/87.13 area, the 23.6% retracement of the move down from the 2007 peak and the December 2008 low", wrote analyst Karen Jones, allowing a 'return to point of break out' at circa 83.04/82.84, provided this holds the downside the market will remain immediately bid. "Below here would suggest a deeper retracement to the 3 month uptrend at 80.65. Note the accelerated uptrend lies at 83.33", Jones added.