Forex: USD/JPY testing 82.00 level

FXstreet.com (Barcelona) - The mercurial USDJPY has toppled over 60 pips off of its session high (82.64) Monday, returning to the 82.00 region at the time of writing. Following a brief decline below this level, the pair has stabilized somewhat at 82.02/03, incurring a loss of -0.38% in these moments.

According to Slobodan Drvenica, an analyst at Windsor Brokers Ltd., "The USDJPY remains in a corrective phase, as repeated attempts at the 82.00 support (50% of 81.12/82.83 upleg) keeps the near-term focus at the downside. Moreover, hourly indicators are in the negative territory with a 10-day EMA bearish crossover below 20/55 day ones and 4h indicators descending towards the midlines."

Technically speaking, a loss of the 82.00 handle is needed to open way towards next support at 81.58 (19 November high / 4h 55-day EMA). Only break above last Friday's high at 82.61 would avert immediate downside risk, warns Drvenica.