Forex: USD/JPY at session lows still above 80.00

FXstreet.com (Barcelona) - USD/JPY is currently at session lows 80.10 losing -0.23% since Asia-Pacific trade started. Coming lower from yesterday's and multi-month highs at 80.40, the pair is 2 pips away from yesterday's Asian trade highs since first time broke above 80.00 in recent days.

Meanwhile Nikkei index holds well above key figure 9500 points rising for the day some +0.13% while all the other local share markets trade in the red with Korean Kospi leading the way down lower by -1.12%.

According to Fang Yang from FXDaily: "throwback attempts should be expected to be supported above 78.25, and only a break below 78.00 should weaken the bullish case," hinting that: "If the market does start to trend upwards, the RSI should also stay above 40, preferably 50 in the daily chart," the analyst adds.

For the upside, Mr Yang finds "The next resistance levels could be first the 80.53 (50% retracement of the 85.50-75.55 dip). Above that, 81.50 is a pivot and July 2011 high and 81.70 is the 61.8% retracement level. The 81.50-81.70 area thus provides the next key resistance factors."