Forex: USD/JPY falls below 91.00 to a 3-week low

By IBTimes Staff Reporter | January 12 2010 11:49 AM

FXstreet.com (Córdoba) - The Yen is extending it gains across the board during the American session. USD/JPY has fallen below 91.00 to 90.80, reaching the lowest price in three weeks. The pair is falling for the third day in a row accumulating a decline of more than 280 pips.

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To the downside, support lies at 90.75 (Dec 4 highs) and below at 90.35/40. On the upside, resistance levels could be located at 91.50 and above at 91.75/80 and 92.15.

The FastBrokers Research Team affirms: Technically speaking, the USD/JPY's has sunk beneath previous our 4th tier uptrend line and previous January lows, a negative development trend-wise. The next test will be our 3rd tier uptrend line and 12/24 lows. Should these cushions give way the USD/JPY's downward momentum could accelerate towards the highly psychological 90 trading range.

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