FXstreet.com (Barcelona) - After recovering from 89.90 to test intra-day high at 88.45 in the early American session, USD/JPY has slide to trade close to the MA55 and 200 periods in the 60minutes chart at 88.10/20. Currently the pair is reaching 0.35% gains so far today from opening price action.
According to the FastBrokers Research Team, the USD/JPY stabilizes above 88: The USD/JPY is still trading well below its highly psychological 90 level despite last Friday's pop above. Therefore, the currency pair still has its fair share of topside technicals to deal with before creating a more solid uptrend. That being said, longer-term downtrend forces remain. As for the downside, the USD/JPY is presently testing the patience of our 3rd and 4th tier uptrend lines along. However, the USD/JPY does have additional technical cushions waiting nearby in the form of 11/25 and 12/01 lows. Should conditions deteriorate further, the USD/JPY has our 1st and 2nd tier uptrend lines serving as supports along with November lows and the psychological 85 level.