by ForexNewsNow Team on October 28th, 2010

USD/JPY forex technical analysis round-up: Oct. 28

Technical analysis trading  - Japan's flagNEW YORK (Forex News Now) – As of around 8:35 A.M. GMT on Thursday, the yen was erasing losses the previous day’s versus the U.S. dollar in European morning currency market trading.

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

FXstreet quoted a trader at Mizuho Corporate Bank as saying that USD/JPY has seen a “minimal bounce,” while breaking above immediate trendline resistance and the 9-day moving average.

The realtime forex news site quotes the analyst as adding, “Prices ought to hold above this year’s low at 89.41 until the end of this month and possibly the first half of November. At the moment we think the 83.00 area will cap, at least initially.”

Precise Trader, for its part, notes that the hourly trend has been in range trading, with no price targets. The patterns suggest a choppy session until the break, the site adds, noting that 81.20-05 are critical levels to watch in order to maintain the Bullish Outlook.

In intraday analysis, the site goes on to say that, “The Opening Price Principles are Mixed , so Cautious approach is needed until the Price breaks out of Zone 2 levels.”

Meanwhile, in a report aimed at technical analysis trading, ecPulse points out that USD/JPY has been fluctuating around SMA 50, and since Stochastic is gradually losing negative momentum, the site concludes that yesterday’s expectations should be kept intact.

“We expect that the direction is bullish over an intraday basis targeting 83.00 chiefly, while requiring trading to stabilize above 80.80,” the site adds.

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