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Forex: USD/JPY oscillating around 79.50

By FXstreet.com,  May 25, 2012, 11:12:00 AM EDT

FXstreet.com (Córdoba) - The dollar-yen continued to trade inside a limited range on Friday, hovering around the 79.50 level as investors stay away from making new positions ahead of the US long weekend.

USD/JPY has oscillated in a range delimited by a low of 79.49 and a high of 79.81, and at time of writing it is trading at 79.60, where it is virtually unchanged since opening. Compared to Monday's opening however, the USD is recording a 0.6% gain versus the JPY.

From a technical view, the ICN.com team notes that as USD/JPY trades around the important level of 79.55 the RSI 14 remains neutral. "SMA 100 continued covering the pair's movements while the price actions couldn't confirm the breakout above the resistance of the descending channel. Therefore, we keep our neutral stance intact for the rest of the day".

ICN.com analysts locate next supports at 79.25, 79.00 and 78.80, while they see resistances at 79.80, 80.00 and 80.30.




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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