Forex: USD/JPY testing the 82.00 level
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USD/JPY
FXstreet.com (Barcelona) - The USDJPY has continued to fall off its session highs in the region of 82.33, as the cross has moved southward during European trading towards the 82.00 level. Though the pair was trading below this level earlier today, it is now testing this key supportive region, setting at 82.03/07 at the time of writing.
"The near-term bulls came back to play after the pair found ground just under the psychological 82.00 support and bounce retraced nearly 50% of 82.83/81.84 downleg at 82.31. The hourly structure is gaining momentum and sees the upside favored, however the near-term tone remains weak." writes Slobodan Drvenica, an analyst at Windsor Brokers Ltd.
In these moments the pair is suffering a slight decline of -0.04% below its opening price. As such, Drvenica points to the propensity of supportive structures at 82.00, 81.84, and finally 81.58. On the ascension, the pair will encounter resistance at 82.31, onto 82.45 and finally 82.61.
"The near-term bulls came back to play after the pair found ground just under the psychological 82.00 support and bounce retraced nearly 50% of 82.83/81.84 downleg at 82.31. The hourly structure is gaining momentum and sees the upside favored, however the near-term tone remains weak." writes Slobodan Drvenica, an analyst at Windsor Brokers Ltd.
In these moments the pair is suffering a slight decline of -0.04% below its opening price. As such, Drvenica points to the propensity of supportive structures at 82.00, 81.84, and finally 81.58. On the ascension, the pair will encounter resistance at 82.31, onto 82.45 and finally 82.61.
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