USD/JPY forex technical analysis round-up: Dec. 20

ForexNewsNow | Published on December 20, 2010 at 5:10 am

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NEW YORK (Forex News Now) – The dollar was falling against the yen today, trading at 83.79 as of around 10:05 A.M., GMT.

The dollar is down 0.24% from Friday’s close and has reached a session high of 84.12 with a low of 83.75 so far.

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

Forexcycle writes that USD/JPY pulled back from 84.49 level after touching the previous high of 84.40.

“Another fall to 83.00-83.50 area to reach next cycle bottom on 4-hour chart would likely be seen. Resistance is at 84.49, only break above this level could signal resumption of uptrend, then next target would be at 86.00 zone,” it adds in intraday analysis.

FXstreet predicts the currency will trade in a range between 82.26 and 86.80.

“We look to be sitting in an upward triangle formation that also gives a bias to the upside. A break of 8450 and I would look to 8680 as the next level,” the realtime forex news site adds.

Finally, Mizuho Corporate Bank writes that the currency pair is still stuck below the recent high at 85.51 with rising moving averages.

“Let’s see how prices react to these this week, noting that momentum is zero and open interest well down on the December expiry,” it adds in advice for FX traders.

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