Forex: USD/JPY rises above 89.30

FXstreet.com (Córdoba) – The Dollar is rising against the Yen and recently broke above 89.30 and rose to 89.43, posting a fresh intra-day high. In case of further appreciation, next resistance levels will be 89.55 (Nov 17 high) and above here, 89.75 (Nov 16 high). USD/JPY trades at 89.37/40, 0.15% above today’s opening price, near the highs suggesting that it could continue rising during the American session. 

The FastBrokers Research Team affirms: “Investors shouldn’t forget that Japan’s Prelim GDP topped expectations by 5 basis points to kick off the week. Therefore, one may expect investors to send the USD/JPY lower due to a more favorable outlook for the Yen as compared to the Dollar. However, the USD/JPY is continuing to hold strong above our 1st tier uptrend line since the currency pair is drifting closer to a key retracement towards October lows. Regardless of the USD/JPY’s present resilience, there is still a long-term downtrend at play and our technical cushions are wearing thin.”