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Forex pairs in this Article » USD/JPY (Barcelona) - The USDJPY has been the star of the day as the pair has rocketed upwards over 64 pips to test the vaunted 80.00 barrier in these moments. During European trading Wednesday, the pair has secured an advance of +0.74% above its opening as it establishes new session highs.

According to Slobodan Drvenica, an analyst at Windsor Brokers Ltd., "The USDJPY recently broke above its 200-day MA at 79.60, rallying towards the key 80.00 level, which is our initial target and breakpoint. Near-term studies turned positive, however hesitation at the 80.00 barrier could be seen on overbought hourly studies. A clear break here is needed to test the key resistance at 80.67 (02 November peak)."

Drvenica points to resistances at the 80.00 barrier, on towards 80.43 and eventually 80.55. Conversely, supports are located at the levels of 79.80, followed by 79.60 down towards 79.34.
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