FXstreet.com (Barcelona) - The Dollar has picked up to levels above 90.00 trimming losses after yesterday's sell off, reaching 90.50 session high, although, according to Karen Jones, technical analyst at Commerzbank, the pair remains biased to the downside, targeting the 89.30/ 88.25 band.
Failutre ahead of 92.00/40 yesterday has left the pair offered, according to Jones: USD/JPY near term bounce failed as expected ahead of 92.00/40, leaving the market directly offered. Downside targets remain
89.30/ 88.25 band.
On the downside, The pair would have to break above 92.40 to shrug off bearish pressure, says Jones: Only a move above 92.40 would shift the near term risk to the topside and imply another run up to key resistance, which remains 94.10/15 (2 ½ year downtrend and long term Fibonacci retracement).