FXstreet.com (Barcelona) - USD/JPY has rallied during Asian session reaching six-weeks high at 93.95 to drop back some ground and consolidate above 93.35; at the moment, the pair looks overbought in daily and hourly charts.
According to Stoyan Mihaylov, technical analyst at Deltastock.com USD will attempt a further upswing before returning to lower levels: Yesterday's break above 92.74 resistance cleared the way for 93.67 and 94.64. A minor consolidation is unfolding below the recent peak at 93.92 and we expect it to be limited above 92.75, before the final upswing to 94.23. Keep in mind, that the zone around 94.64 is expected to provoke a sharp sell towards 87.12. Crucial for the uptrend from 89.83 is 92.11.