FXstreet.com (Barcelona) - The USD/JPY is finding resistance at the 91.55 MA55 hourly chart and has been trading in the narrow range between 91.40 and 91.60 throughout today's Asian and early European sessions marked by low volume due to the holiday season.
For Peter Rosenstreich, analyst of Advanced Currency Markets, volume is inconsequential, and unless there is a spike to 91.77 earlier in the session, the par will trade in an increasingly tight range between 91.40 and 91.65.
UFXBank Research concurs: [the par] is consolidating below the 92 level and if it won't manage to break above the 92 level a correction back to 90 is expected. Overall, USD/JPY traded with a low of 91. 12 and a high of 91.75.
The USD/JPY has gained over 700 pips in the month of December, up from Nov. 30 low of 84.50 to a seven-week high at 91.85 on Dec. 22.