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Saturday, July 24, 2010
Forex Special (Buenos Aires) – With Wall Street regaining the upside and holding in positive territory, USD/JPY is quickly approaching to daily high at 87.46 printed before US opening. Yen weakness is also supported by US yields strength that managed to regain some ground on corporate profits published this week.
Still, pair needs to break above weekly high around 87.60, according to Valeria Bednarik, Fxstreet.com chief strategist, to erase the strong bearish tone the pair has as she states: “Hourly chart show indicators aiming to give bearish signals, with the upside still limited by the weekly high around 87.60; pair however, won’t confirm a downside continuation, unless 87.00 support gives up”. In her view, above 87.60 next resistance come at 88.00 while immediate supports lie at 87.20 and the 87.00 area.