FXstreet.com (Barcelona) - After trading in range between 88.80/89.20 during the European session, the USD/JPY has finally broken the 88.80 support and it has continued with its downtrend from 1-month high at 90.75 reached Friday Dec 4. Currently the pair is trading around 88.55/65, 0.95% below today's opening price action at 89.50.
The ecPulse.com analysis team comments: The dollar versus yen continued its decline yesterday towards support levels for the ascending channel, while initially achieving the breach of this level in an attempt to reach the awaited target at 88.55. We still await the touch of the mentioned target and then expect a bullish rebound, where the pair will resume through it the bullish directionwhich is expected for today and that targets mainly 91.25. Chances of achieving a bullish trend will prevail if 88.35 remain intact.
Nikolajs Serikovs, analyst at FXTechtrade, provides us with his levels: Today's support: 88.53 and 88.22(main). Break would bring 88.04, where correction is possible. Then 87.76, where a correction may also happen. Break of the latter will give 87.57. If a strong impulse, we would see 87.26. Continuation would give 86.70. Today's resistance: 89.66, 90.03, 90.58 and 90.96(main), where a correction may happen. Break would bring 91.04, where also a correction may be. Then 91.33. If a strong impulse, we would see 91.75. Continuation will give 92.02.