FXstreet.com (Barcelona) - The dollar has edged above the resistance level of 91.00 from earlier in today's European session to touch new daily high at 91.26 versus the yen before retreating slightly to currently test new a new ceiling at 91.20. The latest upwards swing comes on the back of better-than-expected TIC Flows figures released early in today's American session.
This 91.20 level has provided key resistance on various occasions throughout the previous months (Dec. 12, Nov. 11, Oct. 21).
The dollar is presently up around 50 pips over the opening price of 90.66 to the yen on the day.
However, according to FXstreet.com independent analysts Valeria Bednarik, the pair's current strength may be short lived.
We need a clear break above 91.20 resistance zone to see the pair extend current upside movement, as hourly indicators suggest some downside corrective movement ahead, Bednarik says. Such movement should remain above the 90.50 area to support previous bias. If the pair loses that level, expect further downside pressure to come.