USD/JPY forex technical analysis round-up: Dec. 13

ForexNewsNow | Published on December 13, 2010 at 4:27 am

NEW YORK (Forex News Now) – The greenback was rising against the yen today, trading at 84.27 as of around 9:00 A.M., GMT on Monday.

The dollar is up 0.38% on the day, and has reached a session high of 84.31 with a low of 83.91 so far.

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

FXstreet writes that USD/JPY should trade in a range between 83.63 and 85.00

“Broke out of the corrective flag to the upside. The first resistance is at 8421 (daily trend line). A break here and we could see a powerful move up to 8540. All signals are bullish,” it adds in its intraday analysis.

Forexcycle, for its part, notes that the currency pair consolidated below 84.40 previous high resistance and pulled back to as low as 83.45 level.

“Another rise to test 84.40 is expected later today, a break above this level will indicate that the uptrend from 80.30 has resumed, then further rise to 85.50 area could be seen. Support is at 83.45, only break below this level could bring price back to 82.00 zone,” the realtime forex news site adds.

Finally, Mizuho Corporate Bank writes that USD/JPY is re-testing trendline resistance.

“Hopefully the Lagging Span will find resistance at the daily Ichimoku ‘cloud’ of mid-November which drops sharply from Wednesday. The US dollar is not overbought and momentum while bullish, is negligible,” it adds in its message to FX traders.

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