FXstreet.com (Barcelona) - Underpinned by the 240 minute cloud, currently located at 88.43/87.98, the USD/JPY saw a strong recovery off of that support, and so, Commerzbank analysts say that the correction lower has terminated well ahead of the 86.28 uptrend.
“Pressure remains on the topside and move above 90.25 will, we suspect, trigger another leg higher”, wrote analyst Karen Jones, targeting 93.32 (the measurement higher of the triangle) and pointing to immediate support at 88.43/87.98, while key support remains the uptrend at 86.28. The medium target remains the 30-year downtrend line, at 89.30.
“Pressure remains on the topside and move above 90.25 will, we suspect, trigger another leg higher”, wrote analyst Karen Jones, targeting 93.32 (the measurement higher of the triangle) and pointing to immediate support at 88.43/87.98, while key support remains the uptrend at 86.28. The medium target remains the 30-year downtrend line, at 89.30.
