Forex: USD/JPY: Dollar rises further above 89.70

 @ibtimes
on December 15 2009 10:55 AM

FXstreet.com (Córdoba) - The Yen weakened further across the board in the last hour. USD/JPY rose to 89.78 reaching a fresh intra-day high. The pair is testing yesterday's high and if it rises further it could find resistance at 90.00/10 and above at 90.75 (Dec 4 high). Greenback has risen more than a hundred pips since the beginning of the day and has recovered from Monday's losses.

Valeria Bednarik, collaborator at FXstreet.com affirms: Dollar strength drove the pair higher, with hourly indicators supporting further rises ahead. Momentum is not yet exhausted, while 20 SMA support the rise. Bigger time frames also point for further gains, thus pair remains more attached to stocks than the rest. If Wall Street falls, rises likely to remain limited by strong 90.00 level. Only above 90.30 we could see some strong upside acceleration.

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