USD/JPY - 90.50 Daily Market Outlook - Dec 20

on December 20 2009 8:53 PM

Dollar's breach of 90.78 last Friday signals recent 'erratic' upmove from 09' low at 84.82 (Nov) to retrace MT decline has resumed and upside bias is seen further gain to 91.10 and then 91.34, however, anticipated loss of momentum should prevent sharp move beyond latter level and bring a 'much-needed' minor correction later.    On the downside, below 89.91 (previous resistance, now support) would indicate a temporary top has been made and yield retracement toward 89.23 but 88.60/70 should limit weakness.

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