FXstreet.com (Barcelona) - The Dollar's recovery against the Yen has broken up the narrow range which USD/JPY trades during the Asian session between 89.30, MA200 hourly chart level, and 89.50, MA55 hourly chart. Currently the pair is trading around 89.65/75, 0.30% above today's opening price action at 89.40 after hiting 89.75 as fresh intra-day high in a 40 pips bullish movement.
Stoyan Mihaylov, analyst at Deltastock, comments: A short-term bottom has been set at 87.12 and a large consolidation is unfolding since. Trading is situated below the 50- and 200-day SMA, currently projected at 94.86 and 94.84. Current intraday bias is neutral, but is expected to transform into bullish with a break above 89.90.