USD/JPY still fighting the 89.00 level

 @ibtimes
on November 23 2009 7:23 PM

FXstreet.com (Buenos Aires) - USD/JPY Current Price: 89.02. Still fighting the 89.00 level, pair remains barely above it after reaching an intraday high of 89.18. Range bound with no clear bias, indicators had turned slightly bearish as well as 4 hours ones, suggesting the upside will remain limited. Daily descendant trend line today comes around the 89.50 area, and only a clear acceleration above that level, could revert current general bearish sentiment.

To the downside, pair has set fresh 6 weeks lows, yet unable to trigger a follow through, despite several attempts under 88.80. Watch for a clear break and acceleration under 88.50 to extend the downside in the pair, said Valeria Bednarik, collaborator at FXstreet.com.

Support levels: 88.80 88.50 88.20. Resistance levels: 89.15 89.50 89.85.

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