USD/JPY forex technical analysis round-up: Nov. 25

ForexNewsNow | Published on November 25, 2010 at 3:22 am

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Technical analysis trading - Japan's flag NEW YORK (Forex News Now) – The greenback was falling against the yen today, trading at 83.48 as of around 8:15 A.M., GMT on Thursday.

The dollar is down 0.068% from its open of 83.54 and has reached a session high of 83.58 with a low of 83.40 so far.

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

Mizuho Corporate Bank is quoted on FXstreet as saying that USD/JPY would trade within a range of around 81.65 to 84.05.

“Hovering inside the daily Ichimoku ‘cloud’ and note how its upper edge drops gently lower from tomorrow which might see prices dip below the 9-day moving average. Very thin market conditions means that chart levels are easily broken,” the site continues in its intraday analysis.

Forexcycle writes that the currency pair’s bounce has brought price to a trading range between 82.78 and 83.84.

The realtime forex news site adds, “A break above 83.84 resistance could indicate that the uptrend has resumed, then next target would be at 85.00 area. Key support is now at 82.78, only break below this level could indicate that the upward move from 80.30 is complete.”

Meanwhile, Precise Trader notes that the hourly trend is sideways while 82.80 holds and the daily trend is also sideways while 82.20 holds.

“83.10-82.80 are the critical levels to watch to maintain the bullish outlook,” it says in its indicator analysis.

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