USD/JPY forex technical analysis round-up: Nov. 24

ForexNewsNow | Published on November 24, 2010 at 4:47 am

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Intraday analysis - Japan's flagNEW YORK (Forex News Now) – As the time neared 10:00 A.M. GMT on Wednesday, the dollar had recovered from earlier losses to be stable against the yen.

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

FXstreet quotes ecPulse as saying in its intraday analysis that USD/JPY would trade within a range of 81.50 and 85.00.

The analysis continues, “We expect a bullish intraday trend direction that requires a clear breach of 83.80, which holds the ability to directly push the pair towards 85.00 then 85.90.”

Forexcyle, for its part, notes that the currency pair broke below 83.03 support, suggesting a new cycle top at 83.84 level on 4-hour chart.

“Pullback to 81.50-82.00 area would likely be seen. However, the fall from 83.84 could possibly be correction of uptrend from 80.30, another rise is still possible after correction,” the realtime forex news site adds.

Meanwhile, Precise Trader notes that the hourly trend is limited down while 83.80 holds and the daily trend is sideways up while 81.80 holds.

The analyst adds, “The opening price principles are mixed, so cautious approach is needed until the price breaks out of zone 2 levels.”

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