Forex: USD/JPY moves in a narrow range between 90.15 and 90.40

Tue, Nov 3 2009, 20:25 GMT
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FXstreet.com (Córdoba) – The Dollar is steady against the Yen. USD/JPY has been moving inside a range with support at 90.15 and resistance at 90.40 in the last hours. Currently the pair trades at 90.30/35, 0.12% above today’s opening price. Greenback was able to recover after falling to 89.85 (intra-day low) during the European session but it was unable to hold above 90.50.

On the upside the pair could face resistance in the zone between 90.50 and 90.70 (Nov 2 high) and above the next one lies at 90.80 and above at 91.25. Support, on the downside, is located at 90.00 and below at 89.85.

Michael J. Malpede, analyst at Easy Forex affirms: “The trade continues to digest last week's decision by the BOJ to end its corporate bond support plan and begin its exit from the credit markets. The BOJ elected to hold monetary policy unchanged Friday and began withdrawing from the credit market. The BOJ said it will extend its low interest rate loans by three months from December to March but then would end the loan program.”

USD/JPY

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