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Forex Flash: USD/JPY close to 93.32 resistance - Commerzbank

Given that the USD/JPY is now extremely close to target 93.32 (measurement higher from its triangle), this together with 93.96 (38.2% retracement of the move down from 2007) is expected to act as a major resistance/target zone for this move, according to Commerzbank analysts.

"It continues to hold over the 240 minute cloud (90.28/89.66) and the Elliot wave count on the intraday chart is implying we have one more leg to 93.70 prior to failure", wrote analyst Karen Jones, pointing to supports at 90.12 (20-day MA) and 89.73 (2 month up channel) keeping the market immediately bid.

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Forex: USD/JPY eases back to lows

A "risk off" sentiment is strengthening the Yen today, as it corrects from its extended rally that allowed a move to as high as 93.18 yesterday. Commerzbank analysts look at 93.32 as strong resistance, coupled with 93.96.
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