FXstreet.com (Barcelona) - The Dollar has continued recovering against the yen after the 55 pips collapse in the European opening bell. USD/JPY has risen 50 pips throughout the European morning to recover early losses and trade around 92.30/40, just below the opening price action at 92.41.

Peter Rosenstreich, analyst at ACM, affirms: Since breaking above 91.80 levels on Tuesday, USDJPY has continued to be supported and yesterday powered up to highs of 92.77; threatening the upper bound of the downtrend channel that has been in play since mid-2007. Expect plenty of offers around yesterday's highs, and bids around 91.80 to contain the pair in a range today; but if we do get a break-out in the thin liquidity then next major topside resistance will be 95.00.