Yen continues strengthen across the board

Mon, Sep 28 2009, 02:14 GMT
http://www.fxstreet.com

FXstreet.com (Buenos Aires) – USD/JPY Current Price: 89.00. With Japan Minister of Finance blessing, yen continues strengthen across the board, reaching extreme hourly readings at the 88.20 level, and rebounding to current 89.00 zone, still bearish in bigger time frames.

20 SMA above current price, in both 1 and 4 hours charts, suggest trend remains strong, yet 4 hours indicators approach to extreme readings. “Watch for the pair to regain the 89.60 level to extend upside corrections to the 90.00 area,” said Valeria Bednarik, collaborator at FXstreet.com.

Support levels: 88.60 88.20 87.90. Resistance levels: 89.30 89.60 89.00.