Forex: USD/JPY looking to test 80.50 at Tokyo open

FXstreet.com (Barcelona) - Still trading below 81.00, the USD/JPY continues lacking definitions and trading in quite limited intraday ranges. After closing at 80.64, mainly undermined by the slide in US yields, the pair is now extending to the downside, just a few pips away from kissing 80.50.

According to Valeria Bednarik, Chief Analyst at FXstreet.com: "Hourly chart shows price sliding below 20 SMA, despite indicators heading higher yet below their midlines. 4 hours chart shows an increasing bearish momentum, while prices develops still above a slightly bullish 20 SMA around 80.50, break below this last, should favor a downside continuation yet the ascendant daily trend line, around 80.25 will offer support quite near."

Support levels: 80.50 80.25 80.00, Resistance levels: 80.80 81.05 81.40