USD/JPY’s break back above 90.65 resistance earlier today set the stage for significant short-covering as the six-week old downtrend comes to an end. Technical resistance levels to watch above the market are 92.59, just above the market, and 93.05, the 38.2% retracement of the 97.75/90.10 drop. We are testing above the 21-day moving average at 92.43 as we write.
