USD/JPY forex technical analysis round-up: Dec. 9

ForexNewsNow | Published on December 9, 2010 at 4:58 am

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NEW YORK (Forex News Now) – The greenback was falling against the yen today, trading at 83.93 as of around 9:50 A.M., GMT.

The dollar is down 0.13% on the day and has reached a session high of 84.11 with a low of 83.66 so far.

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

FXstreet writes that a weekly close above 84.42 is essential.

“Short term we may pull back towards 83.46 before the next leg higher. A break of 84.31 then look for 85.00 as the first target,” it writes in its intraday analysis.

Forexcycle notes that USD/JPY pulled back from 84.30 after being contained by 84.40 resistance.

However, another rise to re-test 84.40 key resistance is still possible later today, a break above this level will indicate that the uptrend from 80.30 has resumed, then next target would be at 85.00 area,” the realtime forex news site adds.

Meanwhile, Precise Trader writes in advice to FX traders that the hourly oscillators are bullish but weak and the price is above the ma, so cautious approach is needed for the bulls.

“Hourly trend is limited up while 8305 holds and daily trend is sideways up while 8230 holds, so expect the price to have a minimum upside and the bulls have to be cautious,” it adds.



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