Forex Flash: USD/JPY would remain bullish while above 93.30 – Commerzbank

FXstreet.com (Barcelona) - The Japanese yen is appreciating against the US dollar on Tuesday, as increasing risk-off mode in the markets continue to intensify investors’ preference for safer assets. The uncertainty surrounding Cyprus is acting as the main trigger of the sell-off in risk-associated assets, intensifying the inflows into the safe havens.

“On Monday USD/JPY dropped sharply to 93.45 and thus nearly reached the five month uptrend line at 93.33 before rising again. The uptrend line should continue to offer support this week. While trading above five month uptrend line, the medium term bullish bias remains in play”, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.