Currencies
By Mohammed Isah of fxtechstrategy.com
NEW YORK (TheStreet) -- USD-JPY: The dollar-yen currency pair continues to retain its recovery tone and now looks to recapture further upside gains toward the 86.87 level. A clearance of 86.87 will turn attention to the 88.11 level and then 89.30. The dollar-yen's daily RSI is bullish and pointing higher, supporting this view. To reverse its current strength, the pair must trade back below 82.86. That would create the possibility of it targeting the 82.00 psychological level and then 81.00. On a violation of 82.00, we would expect the pair to weaken further toward its major support at the 1995 low at 79.75. All in all, the dollar-yen currency pair has triggered a recovery higher, although it still retains its medium-term downtrend.
--Written by Mohammed Isah.
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