FXstreet.com (Barcelona) - Dollar pullback from 81.35 highs last week, found support at 80.35 on Friday, and the following recovery extended on Monday's Asian session to 81.00 area although, unable to break through, the pair has dropped back to 80.70 area on European session.
On the downside, the pair might find support at 80.65 (day low), and below here, 80.35 (May 13 low) and below here, 80.00/15 (intra-day support/May 10 low). On the upside, resistance levels lie at 81.00/05 (session highs), and above here, 81.35 (May 11/12 highs) and 81.70 (May 2 high).
On the longer-term, the pair is consolidating after breaking through the 1-month uptrend, says Peter Rosenstreich, technical analyst at ACM: "USDJPY looks to be in consolidation mode for the time being; the recent break of the 1-month downtrend only took us as far as 81.34 highs, but rather than resume its bearish trend, the pair bounced convincingly off the back side of the former trendline, and has stabilized above 81.00."
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.
