Flash: USD/JPY a top for now? - Commerzbank

FXstreet.com (Guatemala) - Karen Jones, chief analyst at Commerzbank noted that the USD/JPY came under pressure following its recent reversal from the 105.46/49 levels on Friday (recent high and long term Fibo). Since then, the markets had been seeing a deeper retracement to 102.05. However the market has turned and Karen Jones explained that intraday rallies are indicated to terminate circa 103.80/104.10.

Key Quotes:

“We have become more negative short term because not only has the market reversed from its long term Fibonacci retracement at 105.49, BUT we have a 13 count and also a divergence of the daily and weekly RSI. All 3 factors suggest that the market has topped for now”.