Forex: USD/JPY sideways after European morning jitter

[Rey Nuevo]

The USD/JPY was trading around yesterday’s high of 80.30 before an European morning jitter as April unemployment and manufacturing data in the Eurozone countries extended the negative outlook towards the economy.

 

The pair rose to 80.56 high only to plunge back to 80.30 shortly after. Since then, the EUR/JPY has been trading sideways at that level.

 

“Yesterday's break above 79.92 confirmed a reversal at 79.63 and my outlook remains bullish for a rise towards 81.80 major resistance. The intraday bias is positive as well, supported at 80.30 and with a crucial level at 80.10”, wrote Deltastock.com analyst Stoyan Mihaylov, pointing to initial resistance at 81.06.