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Forex Flash: USD/JPY correction lower may not be complete – Commerzbank

FXstreet.com (Barcelona) - The USD/JPY is holding above the 240 minute cloud (the base of this is currently located at 87.81). “This has under pinned the market since the 13th December and it is possible that the correction lower is already complete”, wrote analyst Karen Jones. “However, we are slightly biased to a slightly deeper sell off towards the 86.13 2 month uptrend”, where it would still be well placed to recover, according to her. “Our target remains 93.32 – the measurement higher of the triangle”, she continued, pointing to 84.99 and 83.50 (50% retracement of the move up from September) in case of a break below 86.13.

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