FXstreet.com (London) - Nikkei continues to trade with low volatility, despite gapping open nearly 30 bps initially. Yen has been choppy versus the Greenback today, twice testing the 91.70-80 area before pulling back up to 91.95 and consolidating in this zone.
USD/JPY is currently trading at 91.94, currently trading in a tight range between 91.91-91.97. Pair has gained around 40 pips since the open, and looks likely to hold this position into the close. Investor confidence was rocked today as pending home sales came in less than expected.
For key technical levels Stoyan Mihaylov, of Deltastock, guides us: The overall downtrend has been renewed with the recent break below 87.12. Trading is situated below the 50- and 200-day SMA, currently projected at 89.50 and 93.54. As expected, the pair reversed below 93.40 resistance area and is currently in a downtrend towards 90.60 target area. Important resistance on the upside comes at 92.17 and crucial is 92.70.