USD/JPY - 92.00 Daily Market Outlook - Jan 4

By IBTimes Staff Reporter | January 04 2009 8:49 PM

Dollar's breach of resistance at 90.99 last Friday confirms the rise from last month's low at 87.13 has resumed and correction of medium-term decline to 92.70 and 93.00/10 would follow, however, overbought condition should cap upside below 93.50 and risk has increased for a retreat to take place later this week. On the downside, below 91.20/30 would signal temporary top has possibly been formed and bring a pullback towards support at 90.79.

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