USD/JPY - 89.96 Daily Market Outlook - Dec 16

By IBTimes Staff Reporter | December 16 2009 9:01 PM

Dollar's upmove from 87.36 has resumed yesterday in part due to cross selling in yen and further headway towards 90.20/30 is envisaged, however, broad outlook remains consolidative and reckon previous resistance at 90.78 would hold on first testing, yield retreat later. On the downside, below yesterday's low at 89.39 would signal a temporary top has possibly been formed but breach of 89.00 (previous resistance, now support) is needed to confirm.

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