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FXstreet.com (Barcelona) - The Dollar rallied on Early European session jumping about 80 pips from 89.70 area to a fresh one--week high at 90.35 to pull down to 89.60 after news of the PBOC increasing bank reserves, to bounce again to current levels, right above 90.00.
On the upside, initial resistance level lies at 90.15 (Feb 11 high/100-day MA), and above ere, session high at 90.45 and 90.90/95 (Feb 1,2 highs). On the downside, support levels lie at 89.50/55 (session low/intraday level), and below here, 89.25 (feb 10 low) and below here, 89.10/15 (8, 9 Feb lows).
The Dollar Yen remains on a corrective uptrend from 89.55 low, according to Stoyan Mihaylov, technical analyst at Deltastock.com: "Still in the corrective uptrend from 88.55 and we hold on to our view, that a reversal below 91.30 should be expected, for a sell-off towards 87.36. Trigger on the downside is 89.57."
Forex: USD/JPY : Choppy sideways movement after hitting 90.35 high
Posted 2/12/2010 7:21 AM ET by from FXstreet.com
On the upside, initial resistance level lies at 90.15 (Feb 11 high/100-day MA), and above ere, session high at 90.45 and 90.90/95 (Feb 1,2 highs). On the downside, support levels lie at 89.50/55 (session low/intraday level), and below here, 89.25 (feb 10 low) and below here, 89.10/15 (8, 9 Feb lows).
The Dollar Yen remains on a corrective uptrend from 89.55 low, according to Stoyan Mihaylov, technical analyst at Deltastock.com: "Still in the corrective uptrend from 88.55 and we hold on to our view, that a reversal below 91.30 should be expected, for a sell-off towards 87.36. Trigger on the downside is 89.57."
