FXstreet.com (London) - USD/JPY has traded flat in the first hour of Asian trading today. With little in terms of significant news releases expected today, and ever-thinning trade volumes during Christmas, this trend is likely to continue.
The pair currently trades at 90.36/8, versus an opening price of 90.43. Valeria Bednarik, collaborator at FXstreet.com, believes the uptrend is likely to continue: Pair remains slightly bullish after failure to break above 90.70/80 area past Friday, yet close to that first resistance area. Indicators in the hourly chart show chances of further upside continuation for next hours, as also do bigger time frames with day starting barely above 100 SMA in the daily chart. Confirmations above 91.00, past week high, could trigger more upside momentum in the pair, while the downside seems now limited by the 90.00 level.
Resistance can be found at 90.75 then 91.00 after that. On the downside we have support at 90.00 then after that 89.60.