Forex: USD/JPY testing the 89.00 level
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USD/JPY
FXstreet.com (Barcelona) - The USDJPY is once again streaming forward as the 89.00 level has once again been breached Friday. After a fresh 2.5-year high being posted at 89.34 (also daily maximum), the pair is currently testing the 89.00 region, having eased slightly during European trading. At the time of writing the pair is notching an advance of +0.22% above its opening.
According to Slobodan Drvenica, an analyst at Windsor Brokers Ltd., "The USDJPY resumed its larger uptrend after a brief corrective action found support at 86.81 and fresh bulls cleared the previous high at 88.40 (also psychological barrier at 89.00). However, corrective easing below the 89.00 handle is seen on overbought near-term studies, with 88.40/00 zone seen as ideal levels to contain dips before bulls re-assert."
Drvenica points to resistive means at 89.10, then 89.34, and finally 89.50. On the downside, the USDJPY will be buoyed by supports at 88.76, onto 88.40 and finally 88.00 (key retracement barrier).
According to Slobodan Drvenica, an analyst at Windsor Brokers Ltd., "The USDJPY resumed its larger uptrend after a brief corrective action found support at 86.81 and fresh bulls cleared the previous high at 88.40 (also psychological barrier at 89.00). However, corrective easing below the 89.00 handle is seen on overbought near-term studies, with 88.40/00 zone seen as ideal levels to contain dips before bulls re-assert."
Drvenica points to resistive means at 89.10, then 89.34, and finally 89.50. On the downside, the USDJPY will be buoyed by supports at 88.76, onto 88.40 and finally 88.00 (key retracement barrier).
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