Forex: USD/JPY trades in range, unable to break 91.80 resistance

By IBTimes Staff Reporter | December 29 2009 3:03 AM

FXstreet.com (Barcelona) - The Dollar has crashed to the 91.80 resistance throughout the Asian session against the Yen while the pair has been trading in a narrow range between 91.70 and 91.80. Currently the USD/JPY is trading at 91.75, rising 0.15% so far today from opening price action at 91.61.

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Stoyan Mihaylov, analyst at DeltaSotck, affirms: The overall downtrend has been renewed with the recent break below 87.12. Trading is situated below the 50- and 200-day SMA, currently projected at 89.50 and 93.54. Current consolidation below 91.89 precedes a test in the 92.40 resistance area and a reversal around that zone is to be expected, for 90.61 support area.

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