NEW YORK (Forex News Now) – As of around 6:50 P.M. GMT on Wednesday, the yen was consolidating gains versus the dollar after surging to a fresh 15-year high against in European currency market trading.
This is what the analysts say about the heavily traded currency pair in the near-term:
Actionforex says the recent downtrend in USD/JPY might be resuming, noting that it remains “cautiously bearish” as long as minor resistance at 83.33 holds, and expects a deeper fall.
In the site’s intraday analysis, it says a break above “83.97 resistance will indicate that USD/JPY has bottomed and turn focus back to 85.92 resistance.”
FXstreet, meanwhile, points out that the momentum for USD/JPY is “heading lower,” with the 20 SMA bearish slope above the current FX rate supporting the bias.
The realtime forex news site says a break below 82.73 should send yen towards the 82 price zone. “Recoveries seem limited at this point, to BOJ actions, if the central bank decides to act,” FXstreet adds.
In a report geared toward technical analysis trading, Forexcyle says USD/JPY is likely to encounter resistance at 83.97.
The site goes on to state: “Only break above this level could indicate that the fall from 85.92 has completed, then another rise towards 85.92 key resistance could be seen.”