FXstreet.com (Córdoba) – The Yen is trading close to daily lows across the board. USD/JPY found support at 85.65 and rose back above to test daily highs that are located at the 85.80/85 zone. The pair trades near the highs at the same price level it had at the beginning of the day at 85.75/80.
The rally of the US Dollar stalled under key resistance in the 86.00 price region according to James Chen, chief technical analyst at FX Solutions,a level that has been tested but not breached over a month and also hit a key downtrend resistance trendline.
“If this resistance confluence is ultimately respected, price could begin to retrace the gains made on Wednesday”, Chen said. To the upside, if the resistance is broken strongly, the next important target resides around 88.00.
USD/JPY (Sep 16 at 20:11 GMT)
H 85.935 L 85.21
| S3 | S2 | S1 | R1 | R2 | R3 |
| 85.3412 | 85.5556 | 85.7700 | 85.8950 | 86.1097 | 86.3245 |
| [?]Trend Index | [?]OB/OS Index |
| Slightly Bullish | Neutral |
Data updated on Sep 16 at 20:00 (15-minute timeframe)
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