FXstreet.com (Córdoba) - The dollar managed to erase the losses incurred during the Asian session against the yen, having bounced from a low of 79.10 and recently broken above the 79.50 resistance area.
USD/JPY stretched toward a NY session high of 79.62 as risk aversion eased, and it is currently quoting at the 79.55/60 zone, virtually unchanged since opening and not far from its 2-week high scored yesterday at 79.78.
"Break above 79.50, initial barrier, to signal lower top and re-focus 79.78 and more significant 80.00/13 barriers, as an extension of short-term corrective bounce of 77.65", says Slobodan Drvenica, analyst at Windsor Brokers Ltd. "Below 79.00, another strong support lies at 78.65, where 200 day MA and broken main bear-trendline lies. Break here would bring broader bears back in play".
