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Forex: USD/JPY trades back below 78.50 after reaching daily highs

By FXstreet.com,  October 11, 2012, 11:39:00 AM EDT

FXstreet.com (San Francisco) - The Dollar couldn't sustain levels above 78.50 against the Yen and after reaching intra-day high at 78.57 the USD/JPY is trading back at the 78.45 zone. Yet positive on the day with 0.39% gains so far today.

In terms of technical levels, above 78.50/55 USD/JPY could found next resistances at 78.70 and 78.85, while on the other hand, supports on dips are seen at 78.30, 78.10 and 77.90.

"The USD/JPY surged strongly today," comments Valeria Bednarik from FXstreet.com, "breaking back above 100 and 200 SMA's in the hourly chart and showing a strong upward momentum according to technical readings."

"In the 4 hours chart technical readings also turned positive," Bednarik adds. "with next line of sellers gathered around 78.80 area."




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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