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Forex: USD/JPY trading near calculated support at 87.15/16

By FXstreet.com,  January 03, 2013, 04:41:00 AM EDT

FXstreet.com (Barcelona) - The USD/JPY has turned negative Thursday, one day removed from a massive surge in exchange rate given the allaying of concerns surrounding the fiscal cliff. As of European trading, the pair has traded in a 31-pip range (87.08-87.39), before ultimately settling at 87.15/16 in these moments.

Presently, the USD/JPY is operating at a rate of -0.21% below it's opening, From a technical point of view, the will face calculated support at 87.15, then 86.85, and finally 86.45. On the ascension, resistances are located at 87.45 onto 87.65, and eventually 87.80, notes the ICN.com analyst team.

"Despite overbought signals shown on momentum indicators, stability above 86.80 levels keeps the possibility of extending the upside move valid reaching to 88.25 levels. Meanwhile, stability above 85.50 levels might trigger the extension of the bullish move reaching 91.70 levels during the upcoming period - the positive Linear Regression Indicators shown on the weekly graph supports our expectations." writes the ICN.com analyst team.




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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