FXstreet.com (Barcelona) - After rising 35 pips in the early Asian session, from 91.90 to reach 2-month high at 92.25, the USD/JPY has been trading in consolidation mode after the last bullish movement with a slightly decline to 91.95 to trade back above 92.00 level.
Currently the pair is trading around 92.05/15, 0.10% above today's opening price action at 91.95.
Abhishek Goenka, analyst at India Forex Advisors, affirms: The JPY is currently trading in a rising channel pattern. Immediate resistance comes around 92.20 levels which if broken then could test next resistance level near 94.20 levels where shorts can be initiated for the target of 90 levels. Bias for USDJPY pair remains strong above 88.40 levels. (USDJPY- 92.16) Neutral.