The Dollar recovered ground after falling to 89.05, reaching a 5-week low against the Yen. The pair rose back to 89.30. Above, immediate resistance levels lie at 89.40/45 (session high) and 89.60. Stock in Wall Street turned positive, weakening the Yen in the last hours.
“Continues to trend lower off 91.47, 21 June key lower top, with scope now seen for full retracement towards 88.95 swing low. An anticipated break will trigger a near-term extension to 87.96, 2010 low”, Slobodan Drvenica, analyst at Windsor Brokers Ltd said.