USD/JPY – divergence of the daily RSI points to near term weakness – Commerzbank

FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank suggests the pair to dive to retrace to 110.67 levels if the pair dives below 112, but keeps the longer term target at 123.

Key Quotes

“USD/JPY’s new high of 115.60 has not been confirmed and caution is warranted - the market has been underpinned by the cloud on the 60 minute chart, which has now been eroded, pointing to a potential 112.00 retracement.”