Forex: USD/JPY: Dollar testing 90.00 support, at 7-month low

By @ibtimes on

FXstreet.com (Barcelona) - The Dollar has weakened further and broke below 90.35 support level to test 90.00 area, after hitting 89.95, its lowest level since mid February.

In case of consolidating below 90.00 next support levels lie at 89.70 (Feb 11 low) and 89.20 (Feb 5 low). On the upside, resistance levels lie at 90.85 session high, and above here, 91.55/65 (Sept 23 high) and 92.00/15.

A weekly close below 90.00 would increase the odds to a re test of 87.10, says Nicole Elliott, senior technical analyst at Mizuho Corporate Bank: A weekly close below 90.00 should ensure downside pressure is maintained for a re-test of very important very long term support between 87.10 and 85.00. Note that the US dollar is not oversold.

.

Join the Discussion