USD/JPY forex technical analysis round-up: Dec. 15

ForexNewsNow | Published on December 15, 2010 at 4:26 am

NEW YORK (Forex News Now) – The dollar was rising against the yen today, trading at 83.89 as of around 9:00 A.M., GMT.

The dollar is up 0.264% on the day and has reached a session high of 84.02 with a low of 83.61 so far.

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

Forexcycle writes that USD/JPY’s fall from 84.34 reached 82.84 only, suggesting that sideways consolidation is underway.

“Range trading between 82.34 and 84.40 could be seen in a couple of days and one more fall towards 82.34 is still possible,” it adds in intraday analysis.

Mizuho Corporate Bank notes that the currency pair is consolidating slightly unsteadily between 83.00 and 84.00 with small ‘spikes’ outside here caused by thin market conditions.

“Expect more of the same today with a daily close below the 9-day moving average possibly turning momentum bearish,” the realtime forex news site adds.

Finally, Compass Global Markets writes: “We managed to pick up a small US long on the dip below 83.10 as we reported in our last report and we will hold onto this with the stop at break even and looking for a top level near 84.30.”

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