Forex: USD/JPY: Dollar pulls back from 96.70 resistance level

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Published: Tue, 19 May 2009 11:30:00 +0200

Forex: USD/JPY: Dollar pulls back from 96.70 resistance level

FXstreet.com (Barcelona) - Dollar recovery from yesterday's low at 94.55 has halted at 96.70 resistance level, May 13 high, and the pair has pulled back to levels right above 96.10 support.

According to Stoyan Mihaylov, technical analyst at Deltastock.com, the Dollar is on the upside, after hitting a bottom at 94.55: "As expected, 94.55 was confirmed to be the end of the slide from 99.74, so current bias is positive for 97.12. Intraday support comes at 96.50 and crucial is 96.12."

Resistance levels, remain at the 96.70 level (intra-day high/May 13 high) and above there, 97.15/25 (May 11 low) and 97.85 (May 12 high). On the downside, support levels lie at 96.10/20 (38.20% Fib resistance of the Aug-Jan decline) and below there, 94.55 intra-day low, and 94.30 (50% resistance Jan-Apr rally).

By Fxstreet.com

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