FXstreet.com (Barcelona) - The Dollar's advance against the Yen has found resistance at 91.60 level, 4-week high, in the early European session with the USD/JPY falling to trade close to 91.20. Currently the pair is trading around 91.20/30.
Dollar recovery from 90.05 low on Oct 20 has extended on Thursday's Asian session with the pair appreciating from 90.80 session low to break above 91.30 resistance and reach a 4-week high at 91.60.
On the uptrend, resistances could be found right below 91.55/65 (Sept 23, 24 highs) and above here, next resistances lie at 91.75 (38,2% of the Aug - Oct decline) and 92.00/15. On the downside, support levels lie at 90.70/85 (intra-day low), and below here, 90.40/50 (Oct 19 and 21 lows) and 90.00/05 Oct 20 low.
Nicole Elliot, Analyst at Mizuho Corporate Bank, comments: Inching to a new recent high this morning keeping a wary eye on 91.65 which should provide decent resistance. We shall continue to watch for signs of topping, creating yet another interim high. Note that the lower edge of a descending Ichimoku 'cloud' and moving averages still suggest a short position. Attempt small shorts at 91.40; stop above 91.75. Short term target 90.00, then 89.50/89.25.