Forex: USD/JPY testing offers above 88.00

FXstreet.com (San Francisco) - USDJPY has managed to extend its rally to levels back above the 88.00 figure from the 86.80 base set overnight. Price seems to have found short term resistance at 88.05 as bears have forced price back down to levels just beneath the handle, last at 87.95 (vs. 87.86).

According to Valeria Bednarik, Chief Analyst at FXstreet.com, "Above 88.40, the pair may extend its run towards the 89.30 area, next big midterm resistance level. Once above and in the long ride, there's not much up to 92.50 area." Should sellers regain the downside, the analyst identifies support levels at 87.40, 87.05 and 86.80.