Just as the FX opened for the week, the USD/JPY reached its
highest, at 91.26, before retracing back and easing below the 91.00
handle. As the Asian session came to a close, JPY strength
appeared, eventually leading to 90.68 low.
Price action coincides with the strong early start of Japan's
Nikkei Stock Average, that rose to 11,000 (on Yen weakness), but
resistance there triggered profit taking down to lower prices.
"The market remains on target 93.32 - the measurement higher of the
triangle, which completed in December 2012", wrote Commerzbank
analyst Karen Jones, pointing to strong support at the 20 day
moving average at 88.80.