FXstreet.com (Barcelona) - After posting intra-day high at 90.15 in the early European morning, USD/JPY has slid to trade close to 90.00 level, in a narrow range between 89.90 and 90.10 during the rest of the session. Currently the pair is trading just above MA55 hourly level at 89.90, 0.30% above today's opening price action.
Initial resistance level lies at 90.10, and above here, 90.50 (Sept 24 high) and 90.85. On the downside support level lies at 89.35 (Sept 30 low), and below here, 89.15 and 88.25 (Sept 28 low).
According to Ian Coleman, Analyst at Turtle Futures, USD/JPY has gone flat: We did have a small triangle formation on the 5 minute chart last night to favour an upside break. I stopped looking at it at 11.00pm and thought it was time for bed. I do have a life you know! Anyway, what can we see now? Daily chart doesn't say much, with a bit of price rejection in both directions. 1hr, we are in a small up trend. As long as we hold the 20 SMA I would look to buy cautiously to 90.40 then onto 90.75.