FXstreet.com (Barcelona) - The market upside seen on Friday, as the USD/JPY proved the correction lower was over, allowed a return to 90.00 area, a break of previous resistance at 90.25, and even an extension to the 91.00 area. After reaching 91.20 ahead of the NY session, profit taking took over the market and the exchange rate pulled back to find support at 90.80.
After the BoJ policy decision earlier in the week, the pair went for a diving movement as both disappointment and a corrective movement after the extended upside, finding its weekly low at 88.06 before fully retracing losses and heading higher.
“USD/JPY is making new highs, which favours a resumption of the underlying uptrend. A move towards the resistance at 92.89 is likely”, wrote MIG Bank analyst Bijoy Kar, pointing to hourly supports at 89.85 (intraday low) and 89.46 (intraday low).
After the BoJ policy decision earlier in the week, the pair went for a diving movement as both disappointment and a corrective movement after the extended upside, finding its weekly low at 88.06 before fully retracing losses and heading higher.
“USD/JPY is making new highs, which favours a resumption of the underlying uptrend. A move towards the resistance at 92.89 is likely”, wrote MIG Bank analyst Bijoy Kar, pointing to hourly supports at 89.85 (intraday low) and 89.46 (intraday low).
