Forex: USD/JPY rises to 90.58, fresh intra-day high

Tue, Nov 3 2009, 15:22 GMT
http://www.fxstreet.com

FXstreet.com (Córdoba) – Greenback is extending its recovery against the Yen. USD/JPY rose to 90.58, posting a fresh intra-day high. The pair fell during the European session to 89.85 (daily low) and from there started to rise. Currently it trades at 90.40/43, 0.20% above today’s opening price.

The next resistance level lie at 90.60/65 (yesterday’s high) and above at 90.80. On the downside support is located at 90.00 and below at 89.85 (intra-day low).

The ecPulse.com analysis team affirms: “We still see that the expected direction for the remainder of trades for today to be bearish; where its main targets are around 88.00. The chance of achieving this downside move requires 91.00 to remain intact.”

USD/JPY

© 2009 “FXstreet.com. The Forex Market” All Rights Reserved. Every effort is made to provide accurate and complete information. However, with the thousands of documents available, often uploaded within short deadlines, we cannot guarantee that there will be no errors. Any republication or redistribution of FXstreet.com content is expressly prohibited without the prior written consent of FXstreet.com.
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Any opinions, news, research, analyses, prices or other information contained on this story, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.