Forex: USD/JPY bounces at 79.40

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Forex: USD/JPY bounces at 79.40

FITITOL--> FXstreet.com (San Francisco) - After falling around 40 pips in the European session from 79.80 to reach the lowest level since Feb 20 at 79.40, the USD/JPY has bounced in this level and it has begun to recover some ground to trade back close to 79.70.

Currently the pair is pricing at 79.65, falling 0.25% so far today from opening price action. Pair seems "Slightly Bullish" and "Extremely Oversold" in the short time according to the FXstreet.com Technical studies.

The pair is moving "sideways in a narrow range between 79.63 and 80.61," says Fan Yang, analyst for FXTimes. "Resistance remains at the upper line of the price channel on 4-hour chart. As long as the channel resistance holds, downtrend could be expected to resume, and another fall towards 79.00 is possible after consolidation. On the other side, a clear break above the upper border of the channel will indicate that the downward movement from 84.17 has completed at 79.63 already"