FXstreet.com (Barcelona) - The Dollar has continued rising against the Yen during the American session from 88.70 to break MA55 hourly at 88.90 to trade above 89.00 level and hit intra-day high at 89.20. Currently the pair trades at daily highs, reaching 0.40% above today's opening price action at 88.80.
According to the FastBrokers Research Team the USD/JPY continues consolidation amid FX fluctuations: USD/JPY has held strong above November lows and what is now our 2nd tier uptrend line. We've added a 1st tier uptrend line that runs through October lows should conditions deteriorate. Therefore, despite recent weakness, the USD/JPY still has what appear to be sturdy technical cushions in place. As for the topside, the currency pair faces multiple downtrend lines along with 11/18 highs and of course the highly psychological 90 level. Therefore, quite a few topside obstacles remain, especially considering the USD/JPY still has long-term downtrend forces in play.