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Currency Currency
by ForexNewsNow Team on October 26th, 2010

USD/JPY forex technical analysis round-up: Oct. 26

Technical analysis trading - Japan's flagNEW YORK (Forex News Now) – As of around 10:00 A.M. GMT on Tuesday, the yen was trading right around 81.09 against the U.S. dollar, up 0.34% from yesterday’s close.

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

Forexpros described the pair as “struggling in a battle between both market forces (bulls and bears)” adding that “any four hours close above (81.43) will open the way for a little push upward to test the resistance level at (81.79), and a four hours close below (80.30) will let the instrument test the next support level at (79.91).”

The realtime forex news site Forexcycle reported that “after a sideways consolidation, USDJPY continues its downward move from 85.92, and the fall extended to as low as 80.41 level. Deeper decline is still possible later today and next target would be at 80.00 area.”

FXstreet cited USD/JPY analysis from Windsor Brokers Ltd that “yesterday’s break out of one-week consolidation range has seen a fresh yearly low of 80.40, followed by corrective bounce. This needs to regain minimum 81.49 to ease current bear pressure and allow for stronger correction towards 81.91 and key near-term resistance at 82.34.”

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