USD/JPY forex technical analysis round-up: Dec. 27

ForexNewsNow | Published on December 27, 2010 at 3:44 am

NEW YORK (Forex News Now) – The greenback was falling against the yen today, trading at 82.77 as of around 8:35 A.M., GMT.

The dollar is down 0.135 on the day and has reached a session high of 82.98 with a low of 82.65 so far.

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

FXstreet writes that USD/JPY is squared in between dollar strength and falling stocks, and should trade in range between 82.20 and 83.90.

“Bullish in the hourly chart, pair needs to regain at least the 83.10 price zone, to confirm further gains over the upcoming hours, towards the 83.50/80 price zone. Downside key support, remains to be 82.40/50 area, and seems unlikely a slide below that level over this Monday,” it writes in intraday analysis.

Forexcycle notes that the USD/JPY downward move from 84.49 extended to as low as 82.85 level.

“Deeper decline towards 82.34 previous low would likely be seen later today. Resistance is at 83.40, only break above this level could indicate that the fall is complete,” the realtime forex news site adds.

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