Forex: USD/JPY bounces off lows, around 90.70
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USD/JPY
FXstreet.com (Barcelona) - The Japanese yen is extending its correction lower against the greenback, pushing the cross from lows below 90.50 to the current area of 90.70
J.Saettele, Senior Technical Strategist at DailyFX, suggested, "The next long term resistance isn't until the 2010 high at 94.98. The next level corresponds to the most aggressive inverse head and shoulders measurement at 95.47. The width of the latest dip can be used to determine short-term objectives, which are now 91.59 and 92.42".
At the moment, the cross is down 0.16% at 90.70, facing the next support at 90.29 (low Jan.25) ahead of 89.78 (MA10d) and finally 89.64 (Tenkan-Sen line).
On the flip side, a break above 91.32 (high Jan.28) would bring 91.36 (Upper Bollinger) and 91.46 (61.8% of 2009-2012 drop).
J.Saettele, Senior Technical Strategist at DailyFX, suggested, "The next long term resistance isn't until the 2010 high at 94.98. The next level corresponds to the most aggressive inverse head and shoulders measurement at 95.47. The width of the latest dip can be used to determine short-term objectives, which are now 91.59 and 92.42".
At the moment, the cross is down 0.16% at 90.70, facing the next support at 90.29 (low Jan.25) ahead of 89.78 (MA10d) and finally 89.64 (Tenkan-Sen line).
On the flip side, a break above 91.32 (high Jan.28) would bring 91.36 (Upper Bollinger) and 91.46 (61.8% of 2009-2012 drop).
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