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USD/JPY pares gains to trade at 102.32/32

FXstreet.com (Barcelona) - The recently shining USD/JPY found itself in a quagmire Friday, having been stonewalled at the 102.65 level (session high) during European trading to settle at 102.31/32 presently.

Following a topple of over 30 pips, the cross is now only up +0.03% Friday. Despite the recent setbacks however, “The USD/JPY remains bullish with the broader bull trend in place, leaving the next major resistance focus is at 105.60. Meanwhile, support lies below at 101.26 should a greater pullback occur.” Suggests Gareth Berry, a Research Analyst at UBS.

According to the ICN.com analyst team, “The USD/JPY is trading in a sideways range that tends to the upside, which is normal in light of stability above Linear Regression Indicators and being in an ascending channel. Moreover, prolonged stability above 102.15 forces us to expect an extension to the bullish move.”

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