Forex: USD/JPY testing the 88.00 level

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FXstreet.com (Barcelona) - The USD/JPY has had a broad-based decline Wednesday, characterized by a nearly 100-pip decline off of its opening during overnight trading. An earlier recovery attempt in the region of 88.28 proved to be short lived, as the pair has edged lower during European trading. At the time of writing the cross has settled in the zone of 87.94/98, down a colossal -0.86%.

After moving lower for the third consecutive day, Drvenica points towards supportive means of correction at the 87.90, onto 87.48 and ultimately 87.00 (key supportive barrier). On the ascension, a prolonged recovery attempt will initiate resistances at 88.28, followed by 88.74, and finally 88.90.

According to Slobodan Drvenica, an analyst at Windsor Brokers Ltd., "the loss of strong support at 88.40 was seen as a trigger, as the price is testing next one at 88.00, retracing 61.8% of 86.81/89.66 upleg at 87.90. A dominating negative tone on hourly chart and 4h studies broke the pair into negative territory, which keeps the downside favored."



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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