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USD/JPY trading above lows at 101.73/75

FXstreet.com (Barcelona) - The USD/JPY downside has not abated Friday, as European trading has commenced with the pair entrenched in negative territory, settling at 101.73/75 at the time of writing.

According to the ICN.com technical analyst team, “The USD/JPY stabilized below 102.50 and its linear regression indicators, which might extend the bearish move. The Relative Strength Index is still showing a negative bias forcing us to suggest a downside move, while the suggested bearish move is considered a correction within the overall ascending channel.”

In these moments, the USD/JPY is in the midst of a recovery movement that bounced earlier off the 101.28 level. However presently, the pair is still down -0.28% off its opening. Consistent with the calculations of the Mataf.net analyst team, the USD/JPY will look to eventually test support levels at 100.94, ahead of 99.51, and finally 98.20. Alternatively, a paring of recent losses will drive the pair towards resistances at 103.68, then 104.99, onto 106.42.

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