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USD/JPY – divergence of the daily RSI points to near term weakness – Commerzbank

FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank comments on the USD/JPY pair holding steady after the rally to a new high of 115.60.

Key Quotes

“USD/JPY’s has again held steady and managed to rally but the new high of 115.60 has not been confirmed and caution is warranted - the market has remained underpinned in this move higher by the cloud on the 240 minute cloud. This is currently located 112.68/110.90.”

“Key support is the 110.67 August 2008 high and the accelerated uptrend at 110.46 – while this holds pressure remains on the topside.”

“Above 115.52, we have a cloud on the quarterly chart and Fibonacci extension to 116.07/10, then there is very little until the 120 level.”

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