Forex: USD/JPY breaks 90.80 and tests 91.00 level

on January 19 2010 7:48 AM

FXstreet.com (Barcelona) - The Dollar advances against the Yen has continued throughout the European session and after breaking previous high at 90.80, 55 hours moving average, USD/JPY has risen further to test 91.00 level. Currently the pair is trading around 90.90/91.00, rising 0.15% so far today from opening price action at 90.77.

Still slipping. says TJ Marta, analyst at Marta on the markets, USD/JPY is down overnight and has tested a new low since mid-Dec. Furthermore, the slow stochastics continue lower, suggesting continued further retracement. Resistance lies at 93.77 (Jan8 high). Support lies at 90.32 (Jan19 low), The correlation of USD/JPY with the USD index, US 10yr yield and the US-JP 10yr spread remain significant.

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