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Currency
by ForexNewsNow Team on October 4, 2010

USD/JPY forex technical analysis round-up: Oct. 4

Technical  analysis trading - a heap of Japanese yenNEW YORK (Forex News Now) – As of around 7:40 P.M. GMT on Monday, the dollar was consolidating sight gains versus the yen, after rebounding from dangerously close to a 15-year low in European currency market trading.

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

According to Forexcyle, a decline towards 82.87, the 15-year low, is still possible later today, and a breakdown below this level will indicate that the downtrend from 94.98 (May 5 high) has resumed.

In the site’s intraday analysis, “Resistance is at 84.00, only rise above this level could indicate that a cycle bottom has been formed on 4-hour chart, then further rise towards 85.92 key resistance could be seen.”

FXstreet, for its part, sees a break below the 82.86 level as meaning a resumption of the currency pair’s long-term weakness and open the door for further losses towards the 82 mark, the USD/JPY psychological level, and then the 81 mark.

The realtime forex news site adds that, “We think the pair should even weaken further targeting its major support standing at its 1995 low at 79.75 if a violation of the 82.00 level occurs.”

Meanwhile, in a report aimed at technical analysis trading, Actionforex says that in light of the risk of further FX intervention by Japanese authorities, strong support should be seen at around 83 level to contain downside.

The site adds: “On the upside, above 83.92 minor resistance will flip intraday bias back to the upside for upper side of recent range of 82.86/85.92.”

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