NEW YORK (Forex News Now) – As of around 10:00 A.M. GMT on Tuesday, the dollar was rising against the yen, as it approached a 7-week high in Japanese afternoon currency market trading.
This is what the analysts say about the heavily traded currency pair:
FXstreet quotes Mizuho Corporate Bank as saying that USD/JPY is re-testing November’s high at 83.79.
“Despite this we view the latest rally as corrective and we are likely to face another week or three of correction and consolidation. We shall be looking for an interim high to form over this period as the US dollar is very overbought,” the realtime forex news site adds.
In its USD/JPY analysis, Forexcycle writes that the currency pair is trading in a narrow range between 83.03 and 83.78.
The site adds: As long as 83.03 support holds, another rise to 84.50 could be expected after consolidation.”
Meanwhile, Precise Trader notes that Hourly trend is limited up while 8280 holds and Daily Trend is sideways while 8220 holds.
“Expect the price to have a minimum upside and the bulls have to be cautious,” it adds in its intraday analysis.