FXstreet.com (Barcelona) - After falling from intra-day high at 89.65 to bounce at 88.85, USD/JPY attempted to recover to 85.50 but it failed. Currently the pair is trading lower, close to 89.00 in a narrow range between 89.00/10 and posting 0.50% daily losses from 89.54 opening price action.
On the Downside, the Dollar has 88.60 (Oct 2 low) on sight, and below here, next support level lies at 88.25 (Sept 28 low) and 88.00. On the upside, resistance levels lie at 89-70 intra-day hig, and above here, 90.00 and 90.20 (Oct 1 high).
The ecPulse.com analysis team comments: The dollar-yen pair is showing a downside bias on the daily charts. However, on the 4-hour and 1-hour charts, the pair is showing slight incline. The Stochastic Oscillator is giving a bearish signal on the 4-hour charts, thus we might see an incline. Now, the pair is trading around 89.06, after hitting a high of 89.64 and a low of 89.83; while the pair is currently facing the coming support level at 88.95, while the resistance is spotted at 89.35.