Forex: USD/JPY finds resistance at 89.65

 @ibtimes on January 27 2010 8:50 AM

FXstreet.com (Córdoba) - USD/JPY rose to 89.65 an hour ago but it failed to hold and the pair pulled back to test levels below 89.40. Greenback continues under pressure against the Yen after falling during the Asian session to 89.15, the lowest level in five weeks.

Currently the pair trades at 89.42/45, 0.25% below today's opening price. On the upside, immediate resistance levels lie at 89.65 (European session high) and above at 89.75/80. Between 90.20 and 90.40 the pair has a congestion area. On the downside support levels are 89.30 and below here, 89.15 (daily low) and 88.85 (Dec 19 low).

The trading range for today is among the key support at 87.65 and the key resistance at 91.10, the ecPulse.com analysis team says. The general trend is to the downside as far as 102.60 remains intact with targets at 82.60.

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