FUNDAMENTAL ANALYSIS
The yen lost much ground as investors are steering away from the political incertitude which follows Japanese Prime Minister Yukio Hatoyama's resignation.
The effect should support the USD/JPY at least in the short term. However, occasional selling from Japanese exporters could slow the up move.
In the long term, the dollar remains favored. The improving economical outlook in the US combined with a fragile growth in Japan should bring the USD/JPY to new highs as we approach the end of the year.
TECHNICAL ANALYSIS
The 4-hour chart reveals a strong upward momentum in the USD/JPY. The price is finding resistance near the 61.8% Fibonacci retracement level of May's down move. If it could remain above 92.00 on improving risk sentiment, then a push up to 95.00 could very well occur.
Resistance levels:
- 92.35
- 93.00
Support levels:
- 91.46
- 90.62
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