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1 Mar 2013
Forex: USD/JPY backs away from 93.00
Even though the dollar managed to print a higher high versus the yen on Friday, it lacked momentum to extend gains beyond the 93.00 mark and pulled back slightly ahead of the NY opening.
USD/JPY extended gains into a fourth consecutive day, and continues to recover after the sharp sell-off seen on Monday. USD/JPY rose over 60 pips during the last sessions and recently hit a fresh 4-day high of 93.02 before retreating.
At time of writing, USD/JPY is trading around 92.65/70, where it is still 0.2% above its opening price. If the cross manages to regain the 93.00 level, next resistances are seen at 93.10 (20-day SMA) and 93.50. On the other hand, immediate supports could be found at 92.65 (20-hour SMA), 92.40 (intraday low) and 92.00 (psychological level/Feb 28 low).
USD/JPY extended gains into a fourth consecutive day, and continues to recover after the sharp sell-off seen on Monday. USD/JPY rose over 60 pips during the last sessions and recently hit a fresh 4-day high of 93.02 before retreating.
At time of writing, USD/JPY is trading around 92.65/70, where it is still 0.2% above its opening price. If the cross manages to regain the 93.00 level, next resistances are seen at 93.10 (20-day SMA) and 93.50. On the other hand, immediate supports could be found at 92.65 (20-hour SMA), 92.40 (intraday low) and 92.00 (psychological level/Feb 28 low).