FXstreet.com (Barcelona) - USD/JPY retreat from Tuesday's high at 91.65 has accelerated during European session, as the Dollar dropped from levels right above 91.00 to break below 7-month low at 90.20 and hit a fresh low a 90.15.
Support levels, below 90.20, lie at 90.00 psychological level, and below there, 89.70 (Feb 11 low) and 89.20 (Feb 5 low). On the upside, resistance levels lie at 91.25/30 and above here 91.65 (Sept 15 high) and 91.80/95 (Jul 8, Sept 3 lows).
According to Karen Jones, technical analyst at Commerzbank, the Dollar is targeting 87.54/15 area: We view near term strength as corrective only and look for rallies to remain capped by the 20 day ma at 92.77. We continue to target 87.54/15 - this latter zone represents the recent lows and the long term support line, which connects the 1995 and 2009 lows.