FXstreet.com (Córdoba) - Dollar strength was not enough to break above resistance zone at 91.50/55 against the Yen. The pair rebounded and now it trades around 91.25, which is 0.30% below today's opening price. Greenback needs to rise above 92.66 (intra-day high) to extend the upside. On the downside support is located at 91.00 and below at 90.75. During the American session USD/JPY rose more than 80 pips wiping out previous losses.
The FastBrokers Research Team afirms: Continual defense of the highly psychological 90 area is not surprising. The USD/JPY is exhibiting behavior conductive for building a new base. Such a development could be encouraging for the USD/JPY's near-term performance. However, investors shouldn't forget the technical collapse of the USD/JPY over the past month and a half. Furthermore, the DPJ's fiscal policy is rumored to be supportive of a stronger Yen.