Forex | Forex | Forex: USD/JPY fins support at 94.50 and rises to 94.75 (31/07/2009 17:56:00)

Forex: USD/JPY fins support at 94.50 and rises to 94.75

FXstreet.com (Córdoba) – The collapse of the Dollar against the Yen eased in the last hours. USD/JPY fell finding support at 94.50 and from there rose to 94.75. The mention zone has become a strong resistance for the recovery of Greenback. The pair lost more than 110 pips after from intra-day high at 95.83 and current price at 94.70/74 is 0.85% below today’s opening price.

Ralph Shell, ForexRazor's analyst, comments: “Recent stock market strength continues to hurt the yen, as the Japanese desert the safe yen investments for higher yielders elsewhere. In this vein Goldman, this morning, is touting the USD to gain on the yen to perhaps 1.05 by year end. Currently we are trading at 95.25 and though I would prefer to be long, it is probably best to wait until Monday to initiate new trades. The Japanese unemployment at 5.4% is a decade high, and made bode ill fortune in the Aug. 30 election for the party incumbants.”

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