Forex: USD/JPY retesting the 80.00 level
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USD/JPY
FXstreet.com (Barcelona) - The USDJPY broke through the key 80.00 barrier during Asian trading Thursday, however has since consolidated its gains and is retesting this region. Despite this movement off of an intraday maximum of 80.14, the pair is still clinging to gains of +0.20%.
According to Slobodan Drvenica, an analyst at Windsor Brokers Ltd., "Corrective easing is seen on extended hourlies, should ideally be contained at 79.80/70 (Fibonacci supports and 55-day EMA), before bulls re-assert for fresh attempt towards initial barrier at 80.37 (26 October high). A subsequent loss of the 79.70 mark however, would put near-term bulls on hold and risk stronger reversal."
As the pair is currently testing resistance at the key 80.00 barrier, Drvenica identifies additional corrective means at 80.13, then 80.37. Regarding a movement into the red or a subsequent downturn, the cross will encounter measures of support at 79.90, 79.70, and finally 79.50.
According to Slobodan Drvenica, an analyst at Windsor Brokers Ltd., "Corrective easing is seen on extended hourlies, should ideally be contained at 79.80/70 (Fibonacci supports and 55-day EMA), before bulls re-assert for fresh attempt towards initial barrier at 80.37 (26 October high). A subsequent loss of the 79.70 mark however, would put near-term bulls on hold and risk stronger reversal."
As the pair is currently testing resistance at the key 80.00 barrier, Drvenica identifies additional corrective means at 80.13, then 80.37. Regarding a movement into the red or a subsequent downturn, the cross will encounter measures of support at 79.90, 79.70, and finally 79.50.
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