FXstreet.com (Barcelona) - The Dollar is consolidating positions against the Yen in the first session day of the year. USD/JPY is holding 92.70 level after hitting 93.2, highest level since September 7. Currently the pair is trading around 92.85/95, just below 93.00, today's opening price action.
TJ Marta, analyst at Marta on the Markets, comments: Resting at 93. USD/JPY (92.80) is down overnight after testing a new high since Sep, Resistance lies at 93.22 (Jan4 high) and 93.50 (downtrend resistance from Apr, Aug highs). Support lies at 92.00 (psychological), The daily slow stochastics are overbought but still rising. The correlation of USD/JPY with the USD index, US 10yr yield and the US-JP 10yr spread remain significant.