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FXstreet.com (Barcelona) - The USD/JPY has sunk today during European trading, as the pair has operated in the red since overnight trading Monday. After bottoming out in the 87.63 region, the cross has showed some signs of life, recovering 17 pips to trade at 87.80/81 at the time of writing.

Presently, the USD/JPY is operating at a rate of -0.32% below it's opening, making it one of today's worst performers. The pair will encounter means of supportive correction at 87.45, then 87.15, and 86.80. On the recovery or rise, resistances are located at 88.25 onto 88.50, and eventually 88.80, calculates the ICN Analyst Team.

"The USD/JPY failed to stabilize above 88.25 area accompanied by heavy overbought signals on momentum indicators. Despite this movement, we cannot bet on a downside move while the pair is stable above 86.80 levels, therefore we remain neutral in our weekly report waiting for confirmation signals." writes the Technical Analyst team at ICN.com.

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