Forex: USD/JPY: Greenback finds resistance at 88.60

Tue, Nov 24 2009, 15:44 GMT
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FXstreet.com (Córdoba) – The Dollar’s recovery from the lows of the day found resistance at 88.60. USD/JPY fell earlier to 88.33 reaching a fresh 6-week low. Current price at 88.46/50 is 0.55% below today’s opening price and the pair is falling to test intra-day lows.

If it confirms below 88.55, next support levels might be at 88.30/35 (intra-day low) and 88.00 (Oct 7/Sept 23 lows), and then key support at 87.10 (Dec 08/Jan 09 low). On the upside, resistance levels lie at 89.15/20 (Nov 20/23 highs), and above here, 89.45/55 (Nov 17/19 highs) and 89.75 (Nov 16 high).

Valeria Bednarik, collaborator at FXstreet.com affirms: “Unable to hold above 89.00, pair printed a fresh 6 weeks low at 88.35 after U.S. data, and holds under 88.60 now resistance area. Still bearish yet a bit over extended to the downside, above mentioned 88.60 pair could trigger some upside corrective movements, still capped under 89.00.”

USD/JPY

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