NEW YORK (Forex News Now) – As of around 12:20 P.M. GMT on Thursday, the yen was consolidating gains versus the dollar, after hitting a fresh 15-year high in European morning currency market trading.
This is what the analysts say about the heavily traded currency pair in the near-term:
Forexcyle says USD/JPY is in a falling price channel and remains in the downtrend from 85.92.
“As long as the channel resistance holds, downtrend could be expected to continue, and next target would be at 80.00 area,” the realtime forex news site adds.
FXstreet, meanwhile, quotes an analyst at Windsor Brokers as pointing out that the market has so far tested the 81 level, with a target of 80.50/00 seen next, ahead of possible test of 1995 key all-time low at 79.75.
According to the site’s intraday analysis, “Upside remains capped by 82.00/34 and only break above the latter to ease bear pressure and open 82.55/83.00.”
In a report geared towards technical analysis trading, Action Forex says intraday bias is back on the downside and the current fall is expected to continue to a 61.8% projection of 92.87 to 82.86, from 85.92 at 79.73, close to 79.75.
The site adds, “On the upside, above 81.54 minor resistance will turn intraday bias neutral and bring consolidations.”