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Forex: USD/JPY rallying above 83.80

By FXstreet.com,  March 16, 2012, 04:53:00 AM EDT

FXstreet.com (Barcelona) - At the moment of writing, the USD/JPY has ignited a sudden rally from 83.56. Currently, the upside goes above 83.80.

This way, the retreat to 83.20 support area looks more like a corrective movement from overbought conditions.

"The technicals are relatively easy to read; the resistance zone remains at 84.00‐15. Without further gains in US bond yields we would expect it to hold", wrote FXMR analyst Gavin Grier-Rees , pointing to 82.95-00 as trailing support, followed by 81.05-10.




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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