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USD/JPY remaining in the downside corrective – Commerzbank

FXstreet.com (London) - In the opinion of Commerzbank analytical and FX research teams, USD/JPY remains downside corrective and looks set to extend losses to the 98.52 6 month uptrend.

They add that this should ideally hold the initial test. They explain that rebounds need to overcome the 101.69 resistance line in order to reassert upside pressure to the 103.74 recent high and failure to hold the 98.53 support would imply a deeper corrective phase towards 97.46 and possibly 93.58 (the 23.6% and 38./2% retracement of the move up from September 2012. They are biased towards the trendline holding, but caution is advised we have a large divergence of the weekly RSI.

USD/JPY above 100.00 on European open

USD/JPY has corrected back through the 100.00 mark in Europe after drifting higher throughout NY and Asia. The pair fell steeply yesterday and broke the figure after the release of disappointing ISM from the US, (49.0 vs 51.0 expected) and the dollar was sold of across the board.
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Asian equities continue uneven stance, Japanese markets rebound

Asian stocks experienced a mixed session, with Japanese markets back in focus – this time on the positive side of things. Certainly, a deep correction has thus far taken the Nikkei in a seesaw-like movement, though Chinese markets have also been unable to gain any traction as well, specifically as questions surrounding the USD continue to mount.
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