FXstreet.com (Córdoba) - Dollar is extending its recovery against the Yen and now is actually up for the day. Currently USD/JPY is trading at 89.69/72 which is 0.10% above today's opening price. The pair rose to 89.77 posting a fresh intra-day high. The next resistance lies at 89.90 and above at 90.40/45. Earlier in the day, Greenback tumbled to 88.22, hitting an 8-month low.
The FastBrokers Research Team affirms: Technically speaking, we have little reason to be positive on the USD/JPY trend-wise. The currency pair continues to travel south from all of our note-worthy uptrend lines. The only technicals working in the USD/JPY's favor right now are intraday and January 2009 lows. However, we did previously note that the 88.50-90 level should prove to be a reliable supportive trading range. Therefore, we wouldn't be surprised to see the USD/JPY hang in this area over the next 24-48 hours.