Thu, 25 Nov 2010 06:18:00 +0100

Forex: USD/JPY back to its NY closing level

FXstreet.com (Córdoba) - USD/JPY remains rangebound, as most pairs in the FX market, as lack of volume and interest are dominant ahead of the US Thanksgiving day. After a brief pullback toward 83.40 at the beginning of the Asian session, USD/JPY has bounced back to its NY closing level at the 83.50 zone, where it is trading at time of writing.

Sharing its technical expertise Franco Shao, analyst at ForexCycle.com said, "USDJPY’s fall from 83.84 can reach 82.78 only, the subsequent bounce has brought price to a trading range between 82.78 and 83.84. Now the price action in the range is more likely consolidation of uptrend from 80.30. A break above 83.84 resistance could indicate that the uptrend has resumed, then next target would be at 85.00 area".

"Key support is now at 82.78, only break below this level could indicate that the upward move from 80.30 is complete", Shao added.

Technical Analysis (2010-11-25 05:00 GMT)
USD/JPY 83.48/83.56 - O: 83.545 H: 83.56 L: 83.51 C: 83.515
Trend	R3: 83.9476
	R2: 83.7388
	R1: 83.5300
	S1: 83.0825
	S2: 83.2912
	S3: 83.5000