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EUR/JPY correction ahead? - Commerzbank

FXStreet (Barcelona) - Axel Rudolph, Analyst at Commerzbank notes that the negative divergence on the daily RSI warns of a correction in the EUR/JPY pair.

Key Quotes

“The steep ascent in EUR/JPY has taken it to the 149.12 before it rapidly sold off last week. A minor correction lower towards the uptrend line at 143.30 seems to be on the cards, now that negative divergence can be spotted on the daily RSI.”

“Above the current November high at 149.12 sits the August 2007 low at 149.25 which remains in focus, together with the psychological 150.00 level, once the current minor correction lower has run its course.”

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