USD/JPY: The outlook has altered – Commerzbank

RSI has diverged and the USD/JPY downtrend has been eroded, according to Commerzbank’s Karen Jones.

Key quotes

“The daily RSI has not confirmed last weeks low and the near-term downtrend has been eroded. This suggests near term recovery back to 108.00, 108.26 the 200-day ma.” 

“Only above here will target 109.38 April high This guards the 111.71/112.23 February and March highs.”