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FXstreet.com (Barcelona) - The USD/JPY has pared its losses and returned to opening levels, after bottoming out in the region of 78.28 (intraday minimum) during Asian trading. At the time of writing, the cross has recovered 20 pips to trade at 78.48, virtually unchanged from its opening.

In terms of the technical levels, the Analysts at Ace Trader have identified the next resistance at 78.72. On the decline, a break below 78.30 will instigate a supportive correction at 78.09 and 77.88 - moreover they reiterate a neutral rating for the duration of the day.

"Short traders, who think that this pattern might be only a bullish correction in which pair will resume depreciating again, could focus on the 20 bar SMA/Fibonacci retracement (50%)/daily pivot (S1)/200 bar SMA at 78.351/300, Fibonacci retracement (38.2%)/daily pivot (S2) at 78.122/105 and Bollinger's band/daily pivot (S3)/Fibonacci retracement at 77.951/862." writes the Dukoscopy Bank Team.

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