FXstreet.com (Córdoba) - The Dollar gain strength against the Yen after the release of the existing home sales report. USD/JPY rose back above 88.90 from 88.70. Immediate resistance lies at 89.00/02 (intra-day high) and above at 89.15 (Nov 20 high) and 89.50 (Nov 18 and 17 high). To the downside support could be located at 88.70 and below at 88.55/60 (intra-day low) and 88.35 (Oct 9 low).
Current price at 88.95/98 is 0.15% above today's opening price. Greenback is rising against the Yen after falling in the last three sessions.
The ecPulse.com analysis team affirms: The dollar versus Japanese yen continued its sideway trading below the previously broken pivotal support, which is presently at 89.15. We still that the pair has more possible bearish movement for today, where it's main targets start at 87.15 but needs to gain enough bearish momentum to support the expected bearish direction; thus, keeping the sideway fluctuation persistent for a while.
Sales of second hand houses have increased well beyond expectations in the U.S. in October, 1.01% up to an annual rate of 6.1 million units, instead of the 5.70 million annual rate expected by market analysts.