Forex: USD/JPY: Dollar drops below 98.00

Mon, Jun 15 2009, 13:47 GMT
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FXstreet.com (Barcelona) - After rejection from 98.55 resistance level, the Dollar has dropped all the way to 97.90, breaking through intra-day support at 98.00/10.

According to Peter Rosentreich, technical analyst at ACM - Advanced Currency Markets we might see the Dollar dropping to 97.10: "Risk aversion creeps back into markets as the dollar gains across the board and Yen out performs the dollar. We are testing crucial support at 98.10, which would see breakout to 97.10. On the upside resistance comes in at 98.57 with a crucial level in at 98.90 which would set the tone for further gains towards 100.00."

Support levels, below 98.00 lie at 97.50/65 and then 97.25 (Jun 11 low). If the Dollar breaks below here, next support lies at 97.10 (Jun 10 low). On the upside, above 98.00, resistance levels are 98.55 level (Jun 12 high), and above here, 98.85/90 (Jun 5, 8 highs), and 99.20.

USD/JPY

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