FXstreet.com (Barcelona) - The Dollar remains weakening against the Yen and decline from 90.00 high on Monday has extended to levels below 88.20 as the pair hit 88.06, the lowest level since February.
Below 88.20, next support levels lie at 88.00 and then 87.25 (Dec 18/08 low) and 87.10 (Dec 17/Jan 21 low). On the upside, resistance levels above 88.20 lie at 89.05 intra-day high, and above here, 89.40/45 and 89.65/70 (Oct 6 high).
According to Nicole Elliott senior technical analyst at Mizuho Corporate Bank, the Dollar is on its way to test 87.10 and 85.00 support levels: Consolidation under trendline resistance with the 9-day moving average pushing prices lower. The US dollar is slightly oversold and bearish momentum has increased. A test of this year's low at 87.10, and then critical long term support at 85.00, is imminent.