USD/JPY forex technical analysis round-up: Dec. 8

ForexNewsNow | Published on December 8, 2010 at 4:54 am

NEW YORK (Forex News Now) – The dollar was rising against the yen today, trading at 83.97 as of around 9:30 A.M., GMT.

The dollar is up 0.57% on the day and has reached a session high of 84.07 with a low of 83.46 so far.

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

FXstreet quotes Mizuho Corporate Bank as saying that USD/JPY has bounced strongly from 50% retracement support.

“Expect consolidation today either side of the 9-day moving average at 83.38,” it adds in its intraday analysis.

Forexcycle writes that the currency pair bounced strongly from 82.34, suggesting that a cycle bottom has been formed on 4-hour chart, and the fall from 84.40 has completed.

The realtime forex news site adds: “However, as long as 84.40 resistance holds, one more fall towards 81.50-82.00 area is still possible.”

Finally, precise trader writes that the hourly oscillators are bullish and the price is above the MA, so the bears have to be sidelined.

“Hourly trend is sideways up while 8295 holds and daily trend is also sideways up while 8110 holds, so expect the price to be choppy with a  potential to break higher,” it adds in advise for FX traders.

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