USD/JPY forex technical analysis round-up: Dec. 6

ForexNewsNow | Published on December 6, 2010 at 3:51 am

NEW YORK (Forex News Now) – The dollar rose strongly against the yen today, trading at 82.85 at around 8:45 A.M., GMT.

The dollar is up 0.36% from Friday’s close and has reached a session high of 82.99 with a low of 82.67 so far.

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

FXstreet writes that USD/JPY made a strong move down on Friday that appeared to be a pause before the next leg lower.

“This will either be after a 4th wave correction giving the target area as 8168 OR as a large C wave with 8184 target. A close under 8279 should be enough to confirm this,” it continues in its intraday analysis.

Forexcycle adds that the currency pair broke below the price channel on 4-hour chart, suggesting that the rise from 80.30 had completed at 84.40

“Deeper decline is expected in a couple of days and target would be at 81.50 area,” the realtime forex news site continues.

Meanwhile, Precise Trader opines that hourly oscillators are bearish but oversold and that the price is below MA, so cautious approach is needed for the bears.

It adds: “Hourly trend is limited down while 83.55 holds and daily trend is sideways up while 81.20 holds, so expect the price to have a minimum downside and the bears have to be cautious.”

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