Forex | Forex | Forex: Dollar rises above 93.00 against Yen after posting 7-week low at 92.55 (31/08/2009 11:39:00)

Forex: Dollar rises above 93.00 against Yen after posting 7-week low at 92.55

FXstreet.com (Barcelona) – The Dollar's recovery from 92.55 against Yen has continued in the European session with the pair rising above 93.00 level. After reaching 7-week low, USD/JPY has risen around 75 pips to trade close to 93.30 and recover some of the ground lost in the Asian session.

Currently the pair is trading around 93.15/25, posting 0.40% daily losses from opening price action.

George Clement, analyst at Swiss e Trade, comments: “While the news of the triumph of the opposition over the old LDP party is still digested, the Dollar against the Yen started to recover in late Asian trading, and continues to do so in this European morning. We expect this being a turning point towards a stronger market, and see a first target of 93.70 being reached today. Currently the market is priced at 93.05.”

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