USD/JPY - 91.89 Daily Market Outlook - Feb 18

  @ibtimes on February 18 2010 8:35 PM

As the greenback has rallied to 92.10 in Australia session after Fed's surprise discount rate hike to 0.75% from 0.5%, suggesting recent erratic upmove from 88.55 has resumed and further headway to 92.40/50 is seen, however, near term over bought condition should cap price below 93.00 and bring retreat.    On the downside, below 91.40/50 would signal a temporary top is in place but break of 91.00/10 is needed to confirm and yield retracement to 90.60/70 before rebound.

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