Technically speaking, the hourly chart shows “a slightly bullish tone… yet unless a clear break above 80.10, the upside seems limited: risk sentiment will likely keep yen up against most rivals,” comments Valeria Bednarik, Chief Analyst at FXstreet.com.
Should the pair break out of its range, support lies at 79.80. Farther to the downside, according to Ms. Bednarik, only below 76.45 would the pair will be able to set a clearer bearish trend; below there, it may encounter bids at 79.05. To the upside, resistance levels lie at 80.10, 80.30 and 80.60.
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