FXstreet.com (Barcelona) - The Yen is holding against Dollar strength quite better than its European counterparts on Monday and USD/JPY is consolidating in a range from 89.70 to 90.05 after retreating from Friday's one-month high at 90.80.
Support levels, at the moment lie at 89.70 session low, and below here, 89.50 and 89.20 (Nov 23 high). On the upside, resistance levels lie at 90.55, and above here, 90.80 (Dec 4 high) and 91.35 (Nov 4 high).
Dollar momentum should continue bullish over next sessions, according to Peter Rosentreich, technical analyst at ACM - Advanced Currency Markets, aiming to levels above 91.00: Bullish momentum should continue with the USD bid across all pairs, and we expect a revisit to 91.30 (4 Nov highs) in due course before the major resistance at 92.50. The larger downtrend that has been in play since Jun 2007 currently comes in at 93.30, and we would ideally need a daily close above this level to negate the strong downward trend.