USD/JPY forex technical analysis round-up: Nov. 29

ForexNewsNow | Published on November 29, 2010 at 5:05 am

Intraday analysis - Japan's flagNEW YORK (Forex News Now) – The greenback continued gains against the yen today, trading at 84.11 as of around 10:00 A.M., GMT on Monday.

The dollar reached a session high of 84.20 with a low of 83.84 so far.

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

Forexcycle notes that USD/JPY continues its upward movement with a further rise to 85.00-86.00 possible in a couple of days.

“Support is at the lower border of the price channel on 4-hour chart, now at 82.95, as long as the channel support holds, uptrend will continue,” the realtime forex news site says.

In its intraday analysis, Precise Trader notes that the hourly trend is limited up while 83.15 holds and the daily trend is sideways up while 84.20 holds.

It adds, “Expect the price to have a minimum upside and the bulls have to be cautious.”

Meanwhile, Index Forex writes that USD/JPY sees immediate support levels at 82.74 while resistance is at 84.45 levels.

“Yen exporters are suggested to book Dec. and Jan. month’s exposure 82.50 levels onwards and Yen importers can cover their exposure towards 84 levels,” it adds.

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