FXstreet.com (Barcelona) - The Dollar decline from 98.35 Asian session high seems to have set a bottom at 95.95, as the USD has risen more than 100 pips so far approaching resistance level at 97.15 (27 Mar low)
Above here next resistance level comes at 97.85, above here, 98.30 (intra-day high) and above here last weeks high at 98.85. On the way down, support levels stand at 96.90 and 96.55, and below here, intra-day low at 95.95.
According to Mohammed Isah, technical analyst at FXTechstrategy, recapture of 99.70 (Mar 5 high) seems likely: While the pair's recovery started at the 93.55 level remains in force, risk of a recapture of the 99.68 level, its Mar 05'09 high is likely. This is coming on the back of a recovery of almost all its corrective pullback losses triggered at the 99.68 level in early Mar'09. This is tempered by its early morning selling off today. With that said, a sustained break and hold above that level will resume USDJPY's short term uptrend initiated at the 87.13 zone and accelerate further gains towards its psycho level/ Nov 04'08 high at 100.00/55 and possibly higher.