USD/JPY failed to follow trough

19 November 2009 @ 06:53 pm EDT

FXstreet.com (Buenos Aires) - USD/JPY Current Price: 88.89. Bearish after printing a fresh 6-week low early American session, pair failed to follow trough yet remains strongly bearish both in 1 and 4 hours time frames.

Hourly chart show pair unable to regain the 89.00 area, suggesting a retest of the lows for next hours, thus BOJ policy minutes could well trigger some yen falls if they talk about Japan entering deflation as rumored early Thursday. "Pair needs to clearly move above 89.40 to lose only part of this strong bearish momentum, "said Valeria Bednarik, collaborator at FXstreet.com.

Support levels: 88.60 88.20 87.60. Resistance levels: 89.00 89.40 89.70.

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Copyright 2008 FOREXSTREET S.L, All rights reserved

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