FXstreet.com (Buenos Aires) - USD/JPY Current Price: 92.64. Pair lost downside momentum and looks slightly bullish at this point, at least in the short term. Moving inside an ascendant channel and above 20 SMA, indicators in the hourly seem a bit exhausted and pointing for a short downside correction; 92.50, base of the channel should hold to see the pair extend the upside rally, and attempt a test of the 93.00 level.
Daily descendant channel projected also around that level, seems to be a key point to the upside, as break and confirmation above it, could send the pair higher. Bigger time frames look slightly bullish at this point also thus 20 SMA in 4 hours charts is keeping the upside capped, said Valeria Bednarik, collaborator at FXstreet.com.
Support levels: 92.50 92.20 91.70. Resistance levels: 93.00 93.35 93.70.