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FXstreet.com (Crdoba) - The Dollar pulled back sharply against the Yen, losing part of its gains. USD/JPY peaked at 90.92 following the report that showed bigger-then-expected growth estimation for the 4Q in the US. The pair then slide finding support at 90.20. Since then the Dollar was unable to rise back above 90.55 and currently trades at 90.33/37, 0.51% above today's opening price.
"USD/JPY has multiple uptrend lines serving as technical cushions along with 1/19 and 1/22 lows. As for the topside, the USD/JPY faces multiple downtrend lines along with intraday and 1/20 highs. Furthermore, the .90 area could continue to have a psychological influence on the USD/JPY over the near-term should the USD/JPY's upward momentum cool down as the session progresses," the FastBrokers Research Team said.
Forex: USD/JPY steady, hovering around 90.35
Posted 1/29/2010 2:52 PM ET by from FXstreet.com
"USD/JPY has multiple uptrend lines serving as technical cushions along with 1/19 and 1/22 lows. As for the topside, the USD/JPY faces multiple downtrend lines along with intraday and 1/20 highs. Furthermore, the .90 area could continue to have a psychological influence on the USD/JPY over the near-term should the USD/JPY's upward momentum cool down as the session progresses," the FastBrokers Research Team said.
