Forex: USD/JPY consolidates beneath 2-year high at 88.40; upside favored'  V.Bednarik

FXstreet.com (San Francisco) - USDJPY is consolidating around the 88.00 mark in a low volatility Asian session so far, now quoted near its intraday low of 87.96. The pair just extended gains for an eight straight week, continuing to find buyers on dips due to the persistent yen weakness BoJ easing expectations.

"Despite extremely overbought in bigger time frames, there are no signs a turn is nearby in yen crosses," says Valeria Bednarik, Chief Analyst at FXstreet.com. "The trend is still healthy, although some corrective movements towards 86.80 cannot be ruled out. The upside however remains favored with 90.00 now at sight." Below 88, the analyst identifies support levels at 87.60 and 87.30, while resistance levels lie at 88.40, 88.70 and 89.00.

At the time of writing, USDJPY exchanges at 88.10, limited below Friday's high (and 2-year high) at 88.40.