Forex: USD/JPY rallies in Asian session to 90.40 high

By IBTimes Staff Reporter | January 28 2010 2:16 AM

FXstreet.com (Barcelona) - Dollar decline from 90.55 resistance level tested on Tuesday, found Support at 89.10, 5-week low on Wednesday, and the pair has rallied during today's Asian session, reaching 90.40 high at European session opening.

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At the moment, the pair is struggling with 90.20/40 congestion area, and above there, it could meet further resistance at 90.55 (Jan 22 and 26 high), and then at 90.80 (Jan 20 low). On the downside, initial support level lies at 89.70/85 (recent intra-day highs and lows), and below here 89.15/35 (Jan 27 and 26 lows) and 88.85 (Dec 18 low).

EUR/JPY decline from 128.35 high on Tuesday found support at 9-month low 125.25 on Wednesday, and the pair rallied during Asian session to reach 126.70 session high. Resistance levels lie at 126.70 and 127.00/20. Support levels remain at 125.65 and 125.25.

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