FXstreet.com (Barcelona) - The Dollar's recovery against the Yen from 8-month low at 88.00 has been capped at 89.40 after the US opening bell with the pair falling around 80 pips in the last two hours to trade below 89.00, close to 88.70. Currently the pair is trading around 88.70/80, at the same zone of opening price action.
Tomas Cedavicius, analyst at Investija.com, comments: USDJPY Support level was too strong for bears, even though they tried to break with confirmation support line - bulls immediately woke up with strong power. Buying actions above support are good options in long run.
The ecPulse.com analysis team comments: The yen is losing massive grounds versus the dollar but not due to its weakness, as a result of the dollars strength in markets. Currently, we see the USD/JPY is being traded at 89.16, while recording a high of 89.38 and a low of 88.00 heading towards the resistance of 89.70, as there is a current support of 88.70.