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Forex: USD/JPY: Dollar hits 98.55 level after U.S. retail sales
Thu, Jun 11 2009, 12:57 GMT
http://www.fxstreet.com
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FXstreet.com (Barcelona) - Recovery move from 97.60 intra-day low reached on Early European session has reached to hit 97.55 resistance level minutes after U.S. retail sales were released, although resistance level remains unbroken, and the Dollar has returned to levels around 98.30.
Above here, next resistance level comes at the mentioned 98.55 (Jun 9 high), and then at the 98.70/85 area and 99.20. On the downside initial support comes at 98.00 and below there, intra-day low at 97.60 and 97.35.
According to Peter Rosentreich, technical analyst at ACM - Advanced Currency Markets, the Dollar is focused on the upside: "Test of 98.00 level would refocus to the upside with tentative resistance at 98.43 and crucial level at 98.90 with min-term target at infamous 100.00. Pair has been a barometer for risk sentiment throughout this crisis, risk to the downside remains limited with a floor at 94.50, however first crucial support stands at 96.78."
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