Forex Flash: USD/JPY bouncing from cloud support - Commerzbank

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FXstreet.com (Barcelona) - The market has been underpinned by a cloud support on the 240 minute chart since the 13th December, located at 86.72/85.74. These past hours, the USD/JPY eased back towards that area and bounced from there: "It is correcting lower very near term, having halted just below major resistance - namely 89.30, its 30 year downtrend. This is regarded as a temporary halt in the bull move ahead of a move to 93.32 - the measurement higher of the triangle", wrote analyst Karen Jones, assuming that the market remains immediately bid while above 85.25, with initial support at 85.80 (23.6% retracement).



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: Investing , Forex and Currencies

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