Forex: USD/JPY trading at 81.31/35

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FXstreet.com (Barcelona) - In the aftermath of the BoJ decision earlier this morning during Asian trading, the USD/JPY has fluctuated repeatedly, as investors digest the fallout, given the rampant speculation leading up to this day. Overall, the pair has been held without a major crash or jump, despite being very unsettled during European trading. On the day, the cross has spanned 32 pips (81.13 - 81.45), and has settled in negative territory at 81.31/35 in these moments, down -0.10%

"The USD/JPY continues to move sideways, consolidating the latest gains that peaked at 81.58. An appearance of a Doji candle, along with weakening hourly studies and overbought 4h conditions also suggests further hesitation on approach to the next target at 82.00." notes Slobodan Drvenica, an analyst at Windsor Brokers Ltd.

According to Drvenica, initial support lies at 81.00 (Fib 23.6%/20-day EMA, ahead of 80.67 (previous high/Fib 38.2%) that should ideally contain any dips. On the ascension, resistances can be found at 81.42, followed by 81.58, and 82.00.



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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