Forex: USD/JPY decline from 90.85 holds at 90.40; shaping a triangle formation

Fri, Nov 6 2009, 11:45 GMT
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FXstreet.com (Barcelona) - The Dollar has been trading lower, yet in a narrow range during the day, with extremely low volatility ahead of U.S. non-farm payrolls report, and decline from session high at 90.70 has found support at 90.40. At the moment of writing, the Dollar trades at 90.65.

On a wider perspective, we see the pair moving in a tighter and tighter range. shaping a clear triangle formation, with lower highs and higher lows since peaking at 92.31 (Oct 27) and bottoming at 89.15 (Nov 2).

Support levels lie at 90.40 session low, and below here, 89.85/00 (Nov 3 and 5 lows) and then 89.40/55. Resistance levels lie at 91.00 and 91.30 (Nov 4 high), above here, 91.60/65 (Oct 30/29 highs).

USD/JPY

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