USD/JPY forex technical analysis round-up: Oct. 18

ForexNewsNow | Published on October 18, 2010 at 5:18 am

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USDJPY techincal analysis - Japan PM Naoto KanNEW YORK (Forex News Now) – As of around 9:00 A.M. GMT on Monday, the yen was nearing Friday’s 15-year high against the dollar in early European currency market trading.

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

Action Forex says intraday bias for USD/JPY remains neutral for the moment, and some sideway trading could be seen above Friday’s low of 80.88.

However, the realtime forex news site adds that “upside should be limited by 82.33 resistance and bring fall resumption.”

Forexcycle, for its part, notes that the currency pair is staying in a falling price channel on the 4-hour chart, and remains in a downtrend from 85.92.

According to the site’s intraday analysis, “minor consolidation would more likely be seen and bounce to the upper border of the channel is expected.”

Meanwhile, in a report aimed at technical analysis trading, FXstreet says that with lower highs forming, “this descending triangle formation the pair could be doomed for a further sell off.”

The site adds that if USD/JPY can get a 1-hour close below 81.11, then it could well target 81.00 and 80.87.

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