Forex | Forex | Forex: USD/JPY: Dollar bounces at 92.55 and returns above 93.00 (31/08/2009 11:03:00)

Forex: USD/JPY: Dollar bounces at 92.55 and returns above 93.00

FXstreet.com (Barcelona) - The Dollar has picked up during European session and after decline from Fridays high at 94.05 bottomed at 92.55, the pair has returned to levels above 93.00, hitting 93.10.

According to the Swiss e Trade Strategy Team, the Dollar could have set a bottom to reach levels around 93.70 later today: "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."

On the upside, resistance levels lie at 93.20/40 (Aug 27 and 21 low) and above here, 93.65 and 94.10 (Aug 28 high). In case of further weakening, below 92.55 session low, nexrt support levels lie at 92.30 and 92.00 psychological level.
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