FXstreet.com (Córdoba) - USD/JPY peaked a few hours ago at 91.26, reaching the highest price since last Friday. Form there the pair pulled back but found support at 91.05. Currently trades at 91.11/15, 0.36% above today's opening price. Greenback is rising against the Yen for the second time in the last eight days.
Price broke down below a key intra-channel uptrend support line extending from the late November lows. After that breakdown, price has continued to descend down to a key support region around the 90.50 area, James Chen, chief technical analyst at FX Solutions says. Currently, the pair has made a tentative bounce up off this support region. Any subsequent breakdown below this support area could lead to further bearishness targeting support in the 88.00 price region.