FXstreet.com (Sydney) - The JPY gained slightly on the USD after opening at 88.82. The pair is trading at 88.91. The JPY/USD posted an intraday high of 89.03 but had since fallen slightly trading within a narrow range. Outlook for the pair is slightly bullish, finding support at 88.65 and resistance at 89.22.
Mohammed Isaah, from FXTechstrategy, maintains that the USD/JPY however, that the pair continued to look heavy and weak suggesting that the pair could drop to 88.82. To reverse this, the pair must first break 91.31 and then its October high of 92.27.
There are reports of relevance coming out of the US later this week. These include preliminary GDP data, consumer confidence and home sales.