By Juan P. Bejarano
USD/JPY, declined towards 91.50 after topping out around 93.23.
Moves were mostly influenced by profit taking as the Yen had weakened substantially from late November 09 lows of 85.00. In addition, some exporters converted overseas earnings back into their nation’s currency.
Although bias remains to the upside we could potentially see the pair decline towards the 88.00 level, before ending 2010 above 100.00.
From current levels 92.06, the pair finds resistance at 92.50 followed by 93.23 and 94.00.
With downward pressure, the pair finds initial support from current levels at 91.60.
Following this level, USD/JPY will encounter support at 90.30 and 89.03.
