FXstreet.com (London) - USD/JPY has traded choppy this session, balancing from lows of around 90.75 to current challenging 91.00 level. Market will eye closely the series of scheduled Year end reports from major US co.s this week. Pair currently trades at 91.97, up 11 pips on the 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 bounds of the current range as primary signals; 90.70 and 91.00. Take these levels as primary resistance and support.
Yen trading relatively soft, Nikkei has stabilised after taking early losses.
For key technical levels Valeria Bednarik, collaborator at FXstreet.com, guides us: so we need to the see the pair at least above 91.20, to see some upside strength in the pair. 4 hours charts are barely supportive of the bias, as pair has been mostly range bound past sessions.