Forex: USD/JPY: Dollar bounces from 89.70 and breaks above 90.00

Tue, Nov 10 2009, 10:51 GMT
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FXstreet.com (Barcelona) - The Dollar has bounced from week lows at 89.65/70, to break above 90.00 resistance to reach intra-day high at 90.18 with Monday's high at 90.25 on sight.

Initial resistance lies at the mentioned 90.25 (Nov 9 high) and above here, 90.40 and 90.75/85 (Nov 6 high). On the downside, in case of a pullback below 90.00, next support levels lie at 89.55/60 intra-week support, and below here, 89.15 (Nov 2 low) and 88.83 (Oct 14 low). On the upside, resistance levels lie at 90.25 (Nov 9 high) and above here, 90.40 and

The Swiss e Trade Strategy Team foresees the pair to continue trading at current levels, between 89.70 and 90.30 for the rest of the day: "Still bumping along its support zone in Asian and early European trading, the dollar currently is trading at 89.80. We would exclude any more downside risk for today, resulting in some recovery to but not above 90.30."

USD/JPY

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