Forex: USD/JPY pauses under 93.00

With Nikkei index closing Friday near record highs since April 2010 just below the 11200 points mark, USD/JPY is also at its highest since early April 2010 last at 92.92, about flat from previous Friday close. The pair retraces slightly from session highs at 92.90, while recovers from session lows at 92.70.

“The powerful bullish bias remains intact,” says FXstreet.com Independent Analyst Ivan Delgado, “with price showing no clues of any potential retracement as 93.00 looms,” Ivan adds. As for FXWW founder Sean Lee, he suggests: “Rhetoric from Japanese government officials is likely to ease as officials in the EZ and Asia fight back to talk their currencies down.”

Immediate resistance to the upside for USD/JPY shows at recent session/Friday's fresh 32-month highs 92.90/6, followed by July 22 2009 lows at 93.05, and Sept 07 2009 highs at 93.30. To the downside, closest support lies at recent session lows/Friday's London session highs 92.70/65, followed by Friday's Asian session highs at 92.27, and Friday's NY session lows at 91.78.