FXstreet.com (Barcelona) - USD/JPY is currently at 87.18,
slightly off recent session and 29-month highs at 87.29 as U.S.
House just passed the Senate's Bill on "fiscal cliff," and Tokyo
remains closed over holidays. The pair reads its highest overbought
level on daily RSI 14 since year 2001, around the 84 figure.
The pair has broken to the upside following a massive long term
inverted head and shoulders pattern, almost +10% higher since
general elections in Japan were called back in November. "The 61.8%
retracement of the fall from 94.95 to 75.60 comes in at 87.55 and
this level should be respected." says FXWW founder Sean Lee.
Immediate support to the downside for USD/JPY lies at Friday's
highs 86.65, followed by Monday's lows at 85.67, and Dec 24 highs
at 84.90. Closest resistance to the upside shows at recent session
and 29-month highs 87.29, followed by May 05 lows at 88.05, and Feb
04 lows at 88.53.