Forex Flash: USD/JPY to be capped by 30-year downtrend at 89.30 - Commerzbank

FXstreet.com (Barcelona) - Commerzbank analysts see a major resistance nearby: the 30-year downtrend, at 89.30. "We would expect to see some profit taking and a temporary halt in the bull move ahead of a move to 93.32 – the measurement higher of the triangle", wrote analyst Karen Jones, seeing the market immediately bid while above the accelerated 2 month uptrend at 84.95, with support at 85.80 (23.6% retracement). Jones recommend long orders at 86.50 and 85.80, with stops at 84.90 and targets at 86.833/87.23 (short term) and 89.30 (medium term).

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