Forex: USD/JPY rises past the Y90.70 mark

Fri, Nov 6 2009, 00:35 GMT
http://www.fxstreet.com

FXstreet.com (Sydney) – The USD/JPY rose to its highest level in two days and is currently trading at 90.75. This is an improvement of 0.06% on the previous day’s trade. The pair finds support at 89.20 and resistance at 92.35. The pair is currently down 1.15% YTD.

In Tokyo the Nikkei fell 1.3% on Thursday to its lowest level since October. Sony and other exporters secured profits ahead of US employment data. Meanwhile, the Dow Jones finished 203.82 points up, or 2.08%, as new claims for jobless rates fell to a 10-month low and productivity grew at its fastest rate in six years. This may indicate a strengthening economy after its worst recession in 70 years and put renewed pressure on the dollar.

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.