FXstreet.com (Córdoba) - The Yen is extending its gains to the Dollar. USD/JPY fell to 89.62, reaching a fresh intra-day low. The pair is falling for the first time after four days with gains. Currently trades at 89.68/71, 0.55% below today's opening price.
Support levels lie at 89.50 and below at 89.20 (Nov 23 high). On the upside, resistance levels could be located at 90.55, and above here, 90.80 (Dec 4 high) and 91.35 (Nov 4 high).
The Wells Fargo Research Team affirms: Most Asian currencies are weaker as regional equity markets come under some pressure. The main exception is the yen, which is the strongest of the G10 currencies today. The drafting of the government's economic stimulus plan is moving towards a conclusion, with officials saying the package will be finished by tomorrow and a Cabinet meeting also scheduled tomorrow to discuss the package.