FXstreet.com (London) - USD/JPY has traded relatively soft this session, early range trading was recently broken a pair made brief move to the upside. Pair challenged 91.35 before dropping off. Pair had traded bounded below 91.25 throughout previous US session.
DowJones reports increased implied volatility on USD/JPY ATM options. Such an observation highlights that essentially the market is betting on future movement in the pair and volatility to come. For support and resistance use the current range as primary signals; 91.12 and 91.40. Take these levels as primary support and resistance.
Yen trading relatively soft up just 7 pips, Nikkei shed most of its early gains now trading up just 20 bps.
For key technical levels Valeria Bednarik, collaborator at FXstreet.com, guides us: As comment on previous update, pair remains slightly bullish in the hourly chart, thus still under 91.20 resistance area… Pair should hold above 90.80 support zone to keep current perspective intact.