Forex: USD/JPY finds resistance at 90.60

Thu, Nov 5 2009, 15:23 GMT
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FXstreet.com (Córdoba) – The Dollar recovery against the Yen found resistance at the 90.60 zone. USD/JPY fell earlier to 89.97, posting the lowest price of the last two days. The pair was rejected from those levels and rose sharply to 90.63 but then rebounded and found support at 90.40. Currently it trades at 90.54/56, 0.22% below today’s opening price.

On the upside, resistance lies at 90.85 and above at 91.05. If the pair falls below 90.40 it could find support at 89.95 (intra-day low) and below at 89.80.

Valeria Bednarik, FXstreet.com collaborator, comments: “Slightly bullish, pair remains trapped in the 90.20/90.70 area, with no clear outcome for next hours. Capped by mentioned 90.70 strong resistance area, only a clear acceleration trough that level could trigger some upside rally in the pair; while only a break under 89.80 could send pair lower, thus bigger time frames are also slightly bullish keeping the downside limited for today.”

USD/JPY

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