FX : USD/JPY: Dollar tests 93.90 and returns above 94.00
FXstreet.com (Barcelona) - The Dollar has been trading in a range from 93.85 to 94.10 during the whole day, unable to break either way, 93.90 was recently tested, and the Dollar returned to levels above 94.00.
Per-Erik Karlsson, technical analyst at Avantage Financial GMBH, affirms that Yen should be sold in rallies: "USD/JPY, Weak below 95 with support down at 94 and 93.20. Surprised by recent strength in JPY, but still looks like JPY should be sold on rallies due to weak economic outlook and low yield and increasing risk appetite."
The Dollar moves at 94.05 at the moment, with next resistance levels at 94.45, and above here, 94.65 (Aug 25 high) and 95.05 (Aug 24 high). On the downside, support levels lie at 93.65/80 (Aug 20/25 lows), and below here, 93.40 (Aug 21 low) and 93.100 (Jul 22 low).
