FXstreet.com (Córdoba) - Greenback is still showing some strength after rising sharply across the board in the last hours. USD/JPY broke above 91.85 and rose to 92.08 reaching the highest price since October 27. Currently the pair trades at 91.97/99, 0.44% above today's opening price. On the upside the next resistance lies at 92.30 (Oct 26/27 high).
The FastBrokers Research Team affirms: USD/JPY is encountering some key downtrend lines. Our 2nd and 3rd tier downtrend lines run through April and August highs, respectively. Hence, should the USD/JPY clear these two downtrend lines, we could see the USD/JPY extend its present uptrend towards the highly psychological 100 level again over the medium-term. Meanwhile, the USD/JPY faces addition topside technical barriers in the form of October and September highs. As for the downside, the USD/JPY has multiple uptrend lines serving as technical cushions along with 12/24 and 12/21 lows. Furthermore, the highly psychological 90 level could serve as a strong support area should it be tested.