Forex: USD/JPY flat for the week around 91.00

FXstreet.com (Barcelona) - Flat week so far for USDJPY, last at 91.08, exactly how it started early Monday in Asia-Pacific, and a +0.36% higher from previous open in the region yesterday. The pair took a dive to daily lows at 90.80 from another record 30-month high at 91.41, following worst advanced GDP data for the US since mid 2009, showing a negative figure. Manufacturing PMI just released for Japan improves for first time after 4 consecutive bad months, though still below the 50 key figure, last at 47.7. Prelim industrial production comes at +3.5% slightly worse than expected at +4.5%, while Nikkei yesterday closed at its highest since April 2010 up +2.2% for the day.

According to Valeria Bednarik, Chief Analyst at Fxstreet.com: "The hourly chart shows 100 SMA offering dynamic support around 90.83 low, while indicators stand flat in positive territory. In bigger time frames, technical readings also stand above their midlines, with any of each showing real upward momentum. However, and despite the lack of strength, there are no signs the pair may reverse in the short term," the analyst says.

Valeria sees support levels at: 90.70, 90.30 and 89.80, while resistance levels at: 91.20, 91.60 and 92.00.