Forex: USD/JPY holds little scope for falls'  V.Bednarik

FXstreet.com (San Francisco) - Yesterday, USDJPY recovered all ground lost over the previous two days and managed to close North America around 1.7% higher at 89.83 after spot extended as high as 90.12 (new 31-month highs). "The unstoppable bullish upward momentum will now find short term support around 89.65 former high, and despite extreme overbought readings in the hourly chart, there's little scope for falls," comments Valeria Bednarik, Chief Analyst at FXstreet.com. "Sustained gains above 90.00 will expose the 92.50 level, next big target for the pair."

So far today in early Asian trade, the USDJPY is moving tight in range beneath the 90 figure. Should price indeed break above 90.50 resistance, next bullish target lies at 90.75 according to Bednarik. Support levels may be found at 89.65, 80.30 and 89.00.