FXstreet.com (CÃ³rdoba) - The Dollar is recovering across the board after falling sharply following the opening bell at Wall Street. USD/JPY recovery found resistance at 93.00 and is holding below. In the last hour the pair moved inside a range with support at 92.90 and resistance at 93.00. The pair is 0.56% below today's opening price.
Anna Coulling, analyst at Master and Master, affirms: The yen to dollar pair continued their stately progress lower last week, as they continue to slide lower in a series of lower highs and lower lows as shown on today's forex chart for the currency pair, with Friday's candle reinforcing this bearish tone once again with a weak candle and a deep upper shadow. To confirm this picture the high of the day met resistance from the 9 day moving average, failing to clear this technical indicator before falling back to close the week and the session lower, having broken below through the floor of the support level at 0.94 once again. With all three moving averages now weighing heavily once again, we should see this pattern continue in trading next week and as a result begin to look for the 89,00 price level which would seem to be suggested from a forex analysis of the daily chart.