Forex: USD/JPY: Dollar drops below 97.50

Tue, Jun 9 2009, 14:45 GMT
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FXstreet.conm (Barcelona) - Dollar pull down from 98.40 level has extended during U.S. session, and the pair dropped to levels around 97.40 so far, more then 100 pips below today's high.

According to Peter Rosentreich, technical analyst at ACM - Advanced Currency Markets, the pair could reach below 97.00: "Initial resistance at 98.89 will set the tone for gains towards 99.56 (crucial level at previous highs). Moves past 97.87 would focus downside risk towards Friday breakout at 96.81 via 97.59."

Initial support level lies at 97.25 May 28 high, and below there, probably, 96.70 and 96.15. On the upside, a bounce from current levels could face resistance at 97.90, previous intra-day low and at the 98.40/55 area.

USD/JPY

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