Forex: USD/JPY rejection from 92.50 approaching 92.00 area

By IBTimes Staff Reporter | January 06 2010 8:58 AM

FXstreet.com (Barcelona) - Dollar's rally from 91.25 low on Monday has found resistance at 92.50 and sellers have taken the pair back to test 92.00/10 support ares after the release of ADP employment data.

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At the moment, the pair trades right abiove 91.95/10 support level, and, in case of further decline, next support could be at 91.55 (session low) and 91.25 (Jan 5 low). On the upside, reesistance levels lie at 92.50 session high, and above here, 92.95 and 93.15/20 (Dec 31/Jan 4 highs).

U.S. ADP employment report has advanced a 84,000 decline in December's Non-Farm payrolls, which improves on the 145,000 decline seen in November -upwardly revised from the 169,000 decline previously estimated- but still shows signs that the U.S. economy has not yet reached the much awaited point of job growth.

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