FXstreet.com (Barcelona) - After falling from 93.45 to test MA200 periods in hourly chart at 92.25, the USD/JPY has bounced at this level to break MA55 hourly at 92.80 and to trade above 93.00. Currently the pair is trading around 92.80/90, 0.60% below today's opening price action at 93.37.
The FastBrokers research team affirms: The USD/JPY's uptrend is still intact and the currency pair is setting higher lows. Meanwhile, the USD/JPY faces topside technical barriers in the form of our multiple downtrend lines along with 1/07 highs. Our 3rd tier downtrend line runs through August '09 levels. Hence, a clear breakout above this downtrend line could signal a more prolonged uptrend and a potential retest of the highly psychological 100 area over the medium-term. As for the downside, the USD/JPY has multiple uptrend lines serving as technical cushions along with 1/7, 1/5, and 12/24 lows.