Forex: USD/JPY edges up past 88.40, hits session high

FXstreet.com (Barcelona) - The Dollar weakened during late Asian session to find support at 87.75 day low ahead of the European session opening, and the pair has rallied during European trade to reach levels past 88.40 to hit a fresh day high at 88.45.

On a larger perspective, the pair is shaping a triangle formation, which, according to Ian Coleman, technical analyst at Turtle Index, is likely to be broken to the upside: "The only negative view is the fact that I struggle to count the move down in three waves. We are, however, making a triangle formation and I would expect a break to the upside. 9054 would be the first target then 91.26 and 93.00."

At the moment, the Dollar is struggling at 88.40 area, and in case of further appreciation, the pair could find resistance at 88.70 (Dec 9 high) and 89.05/20. On the downside, support levels lie at 87.70 (session low) and below here 87.35 (Dec 9 low) and 87.00/20.