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27 Mar 2013
Forex: USD/JPY trading near session lows
FXstreet.com (Barcelona) - The USD/JPY peaked earlier during overnight trading at 94.92, having made a failed break at the 95.00 level. However, this proved to be a mirage, as the cross has pared its gains and fallen substantially below multiple supports to trade at 94.13/15 in these moments, down -0.43%.
“Despite the recent drop, we expect the pair to resume the upside wave in the coming days as far as the level of 93.80 remains intact on the four-hour basis.” notes the ICN.com analyst team.
After breaching calculated support at 94.50 and 94.25, ICN.com analysts identify additional corrective measures of support at 94.05, then 93.80, and finally the 93.35 handle. Conversely, resistances for the USD/JPY will initiate at 94.80 onto 95.00 and ultimately 95.50.
“Despite the recent drop, we expect the pair to resume the upside wave in the coming days as far as the level of 93.80 remains intact on the four-hour basis.” notes the ICN.com analyst team.
After breaching calculated support at 94.50 and 94.25, ICN.com analysts identify additional corrective measures of support at 94.05, then 93.80, and finally the 93.35 handle. Conversely, resistances for the USD/JPY will initiate at 94.80 onto 95.00 and ultimately 95.50.