USD/JPY - 88.95 Daily Market Outlook - Nov 22

22 November 2009 @ 08:56 pm EDT

Although dollar has rebounded on Friday after holding above last week's low at 88.63, as the price action from there looks corrective, downside bias remains for recent decline from 92.33 to extend to 88.40/50, however, anticipated oversold condition should prevent steep fall below daily support at 88.01 today.  

  

On the upside, above minor resistance at 89.74 would abort this near term bearish scenario and risk a correction to 90.00.

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