by Fri, 10 Dec 2010 15:07:00 +0100
Forex: USD/JPY bounces towards 84.00
FXstreet.com (Barcelona) - The US dollar strengthens across the board following a better-than-expected contraction in the trade deficit. The USD/JPY for its part has bounced from support at 83.50 and risen nearly 45 pips to reach a daily high in 83.93 before settling slightly underneath.
At time of writing, the USD/JPY hangs around 83.90 as it looks to form a base ahead of the NY open. The FXMarketsAlert Team comments: “A small pop higher now lifts the USD off a fresh (marginal) low this am., which came close to 83.30/ approx a 50% retrace of the week's rise. After Thur's inside day, this test of the low is potentially setting up a push on to Thurs high, for an outside reversal. More important resistance is up at 84.40-80.”
They go on to list immediate resistance at 84.40, 84.80 and 85.40 while support is placed at 83.45, 82.30 and 82.00.
| Technical Analysis (2010-12-10 14:00 GMT) | |
|---|---|
USD/JPY 83.89/83.9 - O: 82.735 H: 82.81 L: 82.715 C: 82.775 | |
| Trend | R3: 84.3698 |
 | R2: 84.1599 |
| R1: 83.9500 | |
| S1: 83.4755 | |
| S2: 83.6853 | |
| S3: 83.8950 | |
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