Forex Flash: USD/JPY corrective near term - Commerzbank (Barcelona) - Commerzbank analysts continue to target 93.32 for the USD/JPY, but are noting the divergence of the daily RSI in the near term, making them wary of the up move. “A move above 90.25/26 is needed to reassert upside pressure, while capped here a slide back to the up trends remains feasible”, wrote analyst Karen Jones.

The USD/JPY continues to be held over the 240 minute cloud (that has under pinned the market since the 13th December), which is currently located at 88.80/25. “This support is reinforced by the 88.14 accelerated uptrend and the 86.58 2 month uptrend”, Jones said.