USD/JPY - 92.75 Daily Market Outlook - Apr 12

By IBTimes Staff Reporter | April 12 2010 8:31 PM

Dollar's retreat after meeting renewed selling at 93.61 yesterday and intra-day breach of last week's 92.83 low signal corrective decline from 7-month high of 94.78 to retrace upmove from 88.14 has resumed and further headway to 92.40/45 would be seen, however, reckon 92.04 support should contain downside due to loss of momentum. On the upside, break of 93.20/30 would suggest a temporary low has possibly been formed but 93.79 (reaction high from 92.83) should continue to cap upside.

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