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Forex: USD/JPY above 80.20 with Tokyo closed for holiday

By FXstreet.com,  April 29, 2012, 08:19:00 PM EDT

FXstreet.com (Barcelona) - With local Japanese and Chinese markets closed today for holidays, USD/JPY trades last at 80.35 off from session lows 80.21, and losing some -1.59% from previous weekly open past Monday, when trading around 81.60s.

According to Valeria Bednarik, Chief Analyst at Fxstreet.com: "The hourly chart shows bearish tone intact as 20 SMA holds a strong bearish slope above current price while indicators are just correcting oversold readings. In bigger time frames, indicators still head south below their midlines, with no signs of a change in current direction. Moving averages gain bearish slope above current price with the distance between 100 and 200 one keeps widening, which will likely maintain the downside pressure in the pair," the analyst notes.

Support levels are located at: 80.20 79.90, and 79.65, while resistance levels show at: 80.50 80.80 and 81.05.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

Referenced Stocks:



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