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Forex: USD/JPY testing support at 83.00

By FXstreet.com,  January 07, 2011, 11:01:00 AM EDT

FXstreet.com (Barcelona) - The USD/JPY extends losses to the downside, breaking under 83.00 most recently as it's unable to sustain support around 83.10. The pair is off nearly 80 pips from a daily high of 83.70, which it reached momentarily following the NFP release.

Valeria Bednarik of the FXstreet Independent Analysis team reports: "Struggling above 83.00, first bearish spike after the news was contained by 82.80 static support level, pair remains inside past days range lacking direction for the upcoming journeys, yet holding a slightly bullish bias in bigger time frames."

Bednarik adds: "Hourly chart shows the level remains a strong bottom short term talking yet only clearly above 83.60 daily high, pair can attempt to extend gains towards the 84.10/40 price zone."




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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