FXstreet.com (Córdoba) - Greenback failed during the European session and so far in the American to rise back above 88.00. USD/JPY found resistance at the mention level and pulled down to 87.65. Currently the pair trades at 87.85/90, 0.62% below today's opening price. The Dollar is falling for the third consecutive day accumulating a decline of 250 pips.
If the pair rises above 88.00, it could face resistance at 88.30 and above at 88.60/70 (intra-day high).
The FastBrokers Research Team affirms: USD/JPY is trading back below its highly psychological 90 level in addition to multiple downtrend lines hanging overhead. Therefore, the currency pair still has its fair share of topside technicals to deal with before creating a more solid uptrend. That being said, longer-term downtrend forces remain. As for the downside, the USD/JPY is presently testing the patience of our 3rd and 4th tier uptrend lines along.