Forex: USD/JPY trading sideways after setting four-month high at 93.42

By IBTimes Staff Reporter | January 07 2010 2:52 PM

FXstreet.com (Barcelona) - The USD/JPY is currently calm, trading in range after having set a new high not seen since Aug. 31, 2009, at 93.42.

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The 93.42 level provided key resistance and support during various trading sessions through the months of July, August and September of last year.

The dollar has gained over 80 pips on the yen over the course of today's trading.

The pair is up strongly overnight on the new Fin Min's weakening comments and back near the recent highs that marked highs since September, according to T J Marta of Marta on the Markets.

However, Marta goes on to add, The daily slow stochastics have crossed lower in overbought territory, suggesting the potential for further losses, and points to 92.00 as a psychological support level.

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