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Jun 4, 2013
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.
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.