USD/JPY forex technical analysis round-up: Oct. 12

ForexNewsNow | Published on October 12, 2010 at 4:27 am

USDJPY techincal analysis - Japan PM Naoto KanNEW YORK (Forex News Now) – As of around 8:15 A.M. GMT on Tuesday, the yen was climbing against the dollar, nearing a 15-year high during early European currency market trading.

This is what the analysts say about the heavily traded currency pair in the near-term:

Forexcyle said the bounce by USD/JPY from 81.55 should be treated as a consolidation of the downtrend from 85.92.

According to the site’s intraday analysis, “As long as the [currency pair’s] channel resistance holds, another fall to 81.00 is still possible.”

FXstreet, meanwhile, notes that USD/JPY’s “pop up” on Monday was short-lived, and that short-term bias for the currency pair is mixed.

The realtime forex news site noted that, “A close through 81.82 brings 81.55, 81.37 and 81 into play.”

But should USD/JPY climb through 82.18, the next target would be around 82.55 and 82.90, FXstreet adds.

Meanwhile, in a report geared towards technical analysis trading, USD/JPY has formed a temporary low, and further consolidations should be seen above 81.54.

The site adds, however, that a break above resistance at 83.15 is necessary as the “first signal of bottoming.”

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