CORRECTION: USD/JPY eyes 82.30 to stay bullish - V.Bednarik

FXstreet.com (San Francisco) - USD/JPY printed a fourth day of lower lows but again finished unchanged in the 82.10 price zone at the NY close after recovering from 81.68 daily low. Yesterday’s price behavior resulted in a daily Pin, which is encouraging for bulls looking for buy-on-dips opportunities in the midst of broad JPY weakness.

“In the 4 hours chart indicators lost their bearish tone and turned back north, still standing below their midlines: price needs to recover at least above [82.30] to see the pair gaining more bullish track this Thursday,” says Valeria Bednarik, Chief Analyst at FXstreet.com.

USD/JPY last trades at 82.05 in early Asia. Should the market rally above Ms. Bednarik’s cited 82.30 level, further resistance levels are noted at 82.60, 82.80 (Nov 22 high) and the 83 figure (Mar 19 low). If the bearish correction persists today, 61.8% retracement support is noted at 81.45, then 81.15 (21-day EMA).

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