USD/JPY forex technical analysis round-up: Dec. 21

ForexNewsNow | Published on December 21, 2010 at 4:00 am

NEW YORK (Forex News Now) – The dollar was falling against the yen today, trading at 83.68 as of around 8:50 A.M., GMT.

The greenback is down 0.11% on the day and has reached a session high of 83.80 with a low of 83.57 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 extends to as low as 83.56 level.

“Deeper decline to 83.00 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.

Mizuho Corporate Bank notes 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,” the realtime forex news site writes, adding that if you really have to attempt small shorts at 84.00, stop above 84.51.

Finally, FXtechtrade writes that USD/JPY should trade in a range between 83.24 and 84.63.

Writing about support levels, the online FX trading site adds: “Break would bring 82.80, where correction is possible. Then 82.46, where a correction may also happen. Break of the latter will give 82.22. If a strong impulse, we would see 82.01. Continuation would give 81.87.”

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