FXstreet.com (Sydney) - The USD/JPY had mixed fortunes but broke resistance above the 90.00 level and is trading at 90.18. The pair posted an intraday high of 90.42 and has been trading in a narrow range between 90.28/32. Support is found at 90.0094 with resistance line at 90.5909. Current outlook is slightly bearish.
The dollar rallied as risk aversion took hold while commodities, especially energy stoks fell. While job claims in the US actually fell to its lowest level since January, the US deficit grew to an all-time high last month. The deficit posted a record high of USD 176.4bn eclipsing the previous record set the month before. Further pressure on the pair may be placed as the markets await Japanese reports on industrial production and household confidence.