Forex: USD/JPY rebound halted at 80.25

FXstreet.com (Barcelona) - Dollar retreat from 81.00 high last week found support on Friday at 80.00 psychological area, and the pair picked up over the Asian session to fond resistance at 80.25 ahead of the European session opening.

On the upside, above 80.25 (day highs), the pair might find resistance at 80.65 (intra-day resistance) and then 81.05 (Jun 15 high). On the downside, support levels lie at 80.00 (Jun 13 lows/psychological level) next support levels lie at 79.65 (Jun 8 low) and then 78.20 (Mar 17 low).

On a loge-term overview, the pair remains trading within ridiculously narrow ranges, according to Nicole Elliott, senior technical analyst at Mizuho Corporate Bank, ahead of another downleg: "Ridiculously small weekly ranges as we hover above 61% retracement support and under the 9-week moving average. Allow for more of the same this week, keeping in mind that eventually we will probably get the slump lower we have been waiting for."