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Forex pairs in this Article » USD/JPY (Barcelona) - The USDJPY has certainly lost its way during European trading Friday, following a gradual bleeding off of its session highs at 79.63. The pair continues its downward path amidst a sea of red, as it has settled in the region of 79.19/23 in these moments, constituting a decline of -0.31% below its opening price.

According to Slobodan Drvenica, an analyst at Windsor Brokers Ltd., "The USDJPY remains at the back foot, as loss of 79.80 support triggered fresh weakness that fully retraced 79.27/80.67 and reversed 50% of larger 77.94/80.67 ascent. With a negative tone dominating on lower timeframes studies, more risk could be seen at the downside, as clear break below 79.27, would open 79.00 (Fib 61.8%)."

Technically speaking, the USDJPY is trading near calculated support at 79.27 at the time of writing, a breach of which will trigger the onset of additional correction at 79.12 and ultimately 79.00. Conversely, a bearish 20/55 day EMA's crossover at 80.00, increases the pressure and only sustained break here would provide relief. As such, resistances are located at 79.75, onto the 80.00 handle and finally 80.43, notes Drvenica.
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