USD/JPY forex technical analysis round-up: Dec. 2

ForexNewsNow | Published on December 2, 2010 at 5:05 am

NEW YORK (Forex News Now) – The dollar was falling against the yen today, trading at 84.13 as of around 10:00 A.M., GMT on Thursday.

The dollar is down 0.08% for the day and has traded in a narrow range, reaching a session high of 84.24 with a low of 83.98.

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

FXstreet quotes Mizuho Corporate Bank as saying that prices are supported by the horizontal cloud just ahead of 83.00 and the 9-day moving average.

“Rallying back up to the recent high at 84.41 with the Lagging Span capped by the large daily Ichimoku ‘cloud’ of mid-October,” the site adds in its intraday analysis.

Forexcycle writes that  the rise from 83.38 is likely a resumption of the uptrend from 80.30, and that a break above 84.40 resistance will likely trigger another rise to 85.00 area.

It adds in its analysis: “Key support is now at 83.38, only break below this level could indicate that the upward move from 80.30 has completed at 84.40 already, then the following downward movement could take price back to 81.00-82.00 area.”

Meanwhile, Precise Trader writes in its report aimed at FX traders that hourly oscillators are bullish but weak and that price above MA, so cautious approach is needed for the bulls.

It continues: “Hourly trend is sideways up while 8345 holds and daily trend is sideways while 8275 holds, so expect the price to be choppy with a potential to break higher.”



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