USD/JPY forex technical analysis round-up: Dec. 1

ForexNewsNow | Published on December 1, 2010 at 4:40 am

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Intraday analysis - Japan's flagNEW YORK (Forex News Now) – The greenback was rising slightly against the yen today, trading at 83.75 as of around 9:30 A.M., GMT on Wednesday.

The dollar is up from its opening price of 83.69 and has reached a session high of 83.85 with a low of 83.39 so far.

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

Forexcycle writes in its intraday analysis that as long as channel support holds, another rise to 85.00 is possible.

“However, a clear break below the channel support will indicate that the upward move from 80.30 has completed at 84.40 already, then the following downward movement could bring price back to 81.00-82.00 area,” it adds.

For its part, Mizuho Corporate Bank writes that the currency pair is retreating from the recent high at 84.41 with the lagging span capped by the large Ichimoku “cloud” of mid-October.

“Now prices might be supported by the horizontal ‘cloud’ top just ahead of 83.00. However, if financial conditions generally deteriorate further, the yen’s safe-haven status is likely to reassert itself,” it adds.

Finally, Precise Trader notes that hourly oscillators are bearish and the price is within the MA, so the bulls have to be sidelined.

“Hourly trend is limited down while 84.45 holds and daily trend is sideways up while 82.75 holds, so expect the price to have a minimum downside and the bears to be cautious,” it writes in its analysis of currency market trading.



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