FXstreet.com (Barcelona) - With the Blessing of the Japan Minister of Finance, USD/JPY has collapsed to post lowest levels since January 23 at 88.22 early Monday session. Yen has continue today with its strengthening against the Dollar with the pair losing 0.35% on the day from opening price at 89.63 to the current 89.30, and collapsing around 335 pips from last Thursday high at 91.60 to 8-month low at 88.22.
During today's Asian session, USD/JPY has bounced at 88.22 to consolidate levels around 89.00, currently pair is trading at 89.20/30.
Pair closed last week with 1.66% losses from Monday opening price at 91.47 to Friday closing at 89.86. With highest level at 92.53 and lowest intraweek at 89.51.
Rajoo C, analyst at Precise Trader, comments: Hourly Trend is Sideways Down while 9020 holds and Daily Trend is also Sideways Down while 9245 holds, so expect the price to make Lower Lows but the Downside may be limited. The Price is trading Below Monthly, Weekly open and closed below Sup U Zone 5. The Hourly price is creeping lower with price reached it's first price target @ 8815 , on the 5 min is along the Down Channel with 8850-8760 are the critical levels to watch . The price should not trade Above 8945-9020 to maintain the bearish outlook. Conservative Traders: Be SIDELINED or strictly trade only at Precise Traders Report levels. Aggressive Traders : Be SIDELINED or LONG Cautiously near 8850 provided the low of 8820 is not breached for a 50-70 pips price target.