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Forex: USD/JPY consolidating losses above 78.50

By FXstreet.com,  August 22, 2012, 08:24:00 PM EDT

FXstreet.com (San Francisco) - USD/JPY is steady around the 78.55 mark after the Tokyo fix and after a 0.9% drop on Wednesday, with price now below the 78.80 key resistance zone (21-day EMA).

Also, "In the 4 hours chart indicators hold a strong bearish tone nearing oversold levels, with price now below 100 and 200 SMA, supporting the bearish tone of the pair," observes Valeria Bednarik, Chief Analyst at FXstreet.com.

Price action is expected to remain relatively quiet in the hours and sessions ahead, but if volatility picks up, the analyst identifies support levels at 78.20, 77.90 and 77.65, while resistance levels lie at 78.80, 79.05 and 79.30.




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

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