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Forex: USD/JPY catapults past calculated resistance

The USD/JPY has rocketed forward Tuesday as the USD continues its onslaught against its Japanese counterpart during American trading. While the pair is slightly off its session highs (93.55), the cross has rebounded after a recent dip in the 93.16 region, culminating in another advance towards 93.34/38 at the time of writing. In these moments the pair has recorded a steadfast gain of +1.04% on the day.

According to the ICN.com analyst team, “The USD/JPY has touched the 93.20 levels, supporting the likelihood of extending the upside move. Meanwhile, we cannot confirm the bullishness unless the pair holds above the mentioned level. Therefore, we remain neutral for now until prolonged stability is seen.

After shattering resistance at the 92.96 level, Mataf.net analysts point to additional means of correction at 93.67 and 94.16. On the decline, the USD/JPY is slated for supportive means at 91.76 down to 91.27 and ultimately 90.55.

Forex Flash: USD/CAD buying dips for 1.02/1.03 target – TD Securities

TD Securities analysts say that the USD/CAD price action looks a little more constructive still today, with the short-term (hourly chart) showing price moves over the past three days carving out a potential inverse H&S reversal (neckline trigger at 0.9992): "The scale of the formation suggests upside scope of only 50 ticks or so from 0.9992 but a move up from current levels would be in line with the positive technical undertone for funds we highlighted yesterday", wrote analysts Shaun Osborne and Greg Moore.
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