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FXstreet.com (Barcelona) – The USD/JPY has been trading in a narrow range between 89.70/90 during the American morning after falling from 90.20 in the European session. Pair seems to be trading in a consolidation mode between 89.70 and 90.20 since last Friday session.
Currently the pair is trading around 89.75/85, at the same range of opening price action.
According to the FastBrokers Research Team, the USD/JPY is consolidating around 90.00 level: “The psychological 90 area is proving to be a tough psychological area once again. The USD/JPY continues to gravitate towards 90 despite recent hints of a topside breakout. The currency pair is currently trading back below 90, yet is holding above our 1st and 2nd tier uptrend lines. Hence, there are a few more technical cushions separating the USD/JPY from a retest of October lows. As for the topside, the USD/JPY faces multiple downtrend lines along with 11/6 and 11/4 highs.”
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