FXstreet.com (Barcelona) - The Dollar has collapsed against the Yen in the early European session from 92.45 to reach intra-day low at 91.90. After that, USD/JPY has bounced at this level to trade above MA55 periods in houlry chart at 92.10, curretly, pair is pricing at 92.15/25, 0.20% below today's opening price action.
The ecPulse.com analysis team comments: The pair succeeded in touching the awaited resistance level which currently resides at 92.40 accompanied by Stochastic and RSI trading near overbought areas. Therefore, we expect an intraday downside move targeting initially the channel's support at 91.80 to open the way to the short term downside wave which target next 90.75. Note that steady trading above 92.40 might cancel the strength of this level and might take the pair higher towards 93.60 to continue trading within this channel.
ecPulse.com adds: The trading range for today is among the key support at 90.75 and the key resistance at 93.60. The general trend is to the downside as far as 102.60 remains intact with targets at 82.60.