Forex: USD/JPY dips to 87.55 amid Yen strength

  @ibtimes on December 09 2009 3:46 AM

FXstreet.com (Barcelona) - The Yen strengthens across the board on recent risk aversion, fuelled by concerns about the strength of economic recovery and negative equity markets, with the USD/JPY dropping from 88.35 ahead of the European session opening, to 87.47 low at the moment of writing.

On the downside, next support levels lie at 87.00 and below here, 86.50/60 and 85.85 (Nov 30 low). On the upside, resistance levels lie at 88.15 previous low, and above here, 88.70 session high and 89.05/15.

EUR/JPY has extended its reversal from 134.55 high last Friday, as the pair broke below 130.00 and 129.00 reaching 128.80 low so far, and the GBP/JPY decline from 149.20 high last Friday extends to 142.00 low, which is under selling pressure at the moment.

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