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Forex: USD/JPY trading sideways at 94.25/26

FXstreet.com (Barcelona) - The USD/JPY has engaged in sideways trading Tuesday during US trading, having failed to break in either direction today, following a staunch increase during the overnight session. In these moments, the cross is still clinging to positive territory to trade at 94.25/26, up +0.10% above its opening.

“The USD/JPY is currently trading around the key support of the ascending channel close to the 94.10 region. Meanwhile, a Double Top Pattern will be confirmed with stability below 94.10; therefore we will remain neutral pending the performance around this level.” notes ICN.com Technical Analyst Team.

According to Research Analyst Gareth Berry at UBS, “We reiterate our bullish stance for the USD/JPY as the pair remains bolstered by strong support at 93.11. So long as this level holds on closing basis, there is scope for resumption of strength. Resistance is at 95.12 ahead of 96.71.”

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