According to the technical analyst team at AceTrader, “The dollar’s intraday rebound of active cross selling with the Japanese yen suggests that the current uptrend remains intact. The decline from last Friday’s high of 78.77, in conjunction with a low of 78.15 yesterday indicates that we may see a gain up towards the 78.54/55 area.”
At the present, the USD/JPY has settled in the region of 78.36, retracing nicely and recording a +0.15% gain at midday. AceTrader analysts have determined that a break above 78.45 will initiate the additional resistance levels of 78.65 and 78.77. On the downside, the pair will engage supports at 78.15, 78.06, and finally 77.90.