Forex: USD/JPY: Dollar recovery stalls around 95.70 resistance

Tue, Jun 23 2009, 13:33 GMT
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FXstreet.com (Barcelona) - Dollar recovery from 95.00 intra-day low has stalled at levels right above 95.0 resistance level, and the Dollar has pulled down to levels around 95.60 at the time of writing.

Initial support lies at 95.00/10, and below there, 94.45 (Jun 1 low) and 93.90 (May 22 low). On the upside, initial resistance comes at 95.70, and then 96.30/35 (Jun 22 high) and 97.20.

According to Valeria Bednarik, collaborator at FXstreet.com, bullish pressure would increase above 96.00/10: "Also fighting with daily ascendant trend line (we can not call a break here as we need a daily candle close under to confirm it, and till now, daily candle is forming a reversal pattern more than a continuation one) pair approaches to first key level for today the 96.00/10 zone. Above it, chances to the upside increase in the pair, as both hourly and 4 hours charts indicators support so."

USD/JPY

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