USD/JPY forex technical analysis round-up: Oct. 7

ForexNewsNow | Published on October 7, 2010 at 2:34 pm

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Technical  analysis trading - a heap of Japanese yenNEW YORK (Forex News Now) – As of around 6:25 P.M. GMT on Thursday, the yen was consolidating gains versus the dollar after surging to a fresh 15-year high in European afternoon currency market trading.

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

According to Forexcycle, a further decline by USD/JPY toward 79.95 (the 1995 low) is now likely. The realtime forex news site holds that, “Key resistance is at 83.97, only break above this level could bring price back towards 85.92.”

FXstreet, meanwhile, notes that “the bias remains strongly bearish in the cross” and that the 4-hour shows a strong bearish momentum, while the 20 SMA above current price has also turned strongly bearish, “keeping the upside limited below 83.00.”

In the site’s intraday analysis, near-term support is at 81.2 and near-term resistance is around 83.3.

Actionforex, in a report aimed at technical analysis trading, points out that the longer-term downtrend of the dollar against the yen is still in progress, and could be targeting 61.8% projection of 92.87 to 82.86 from 85.92 at 79.73.

The site adds that, “On the upside, above 82.75 minor resistance will turn intraday bias neutral first. But break of 83.97 resistance is needed to be first signal of bottoming.”

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