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USD/JPY: Support 106.00 under pressure

FXStreet (Bali) - USD/JPY is pressing against the 106.00 handle at the Tokyo open, after reaching a rate as high as 106.49 (100 Month MA) during Tuesday.

Jim Langlands, Funder at FXCharts, notes: "Today should see some consolidation close to 106.00 I think, which would allow the shorter term charts to unwind their overbought condition; the 4 hour charts look rather top heavy and if we do head back below 106.00 then further support would be seen at last Fridays high at 105.70 and then at 105.50 and at 105.00."

On the contrary if bulls manage to regain control short term, and a break of 106.50 materializes, Jim notes that "there is not much resistance to be seen until the August 2008 high at 110.65, and then at the 76.4% Fibo level at 112.50."

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