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28 Mar 2013
Forex: USD/JPY testing the 94.00 level
FXstreet.com (Barcelona) - The USD/JPY has broken lower during American trading Thursday, approaching the key 94.00 barrier. Though the cross is still operating above it at 94.06/07 in these moments, a decline of -0.32% has the pair reeling, though still well above session lows of 93.88, incurred earlier today European trading.
Briefing the technicals, the USD/JPY is slated to face calculated support at 93.92, ahead of 93.52, and finally 93.03. Conversely, any recovery attempt and subsequent movement to the upside will encounter means of resistance at 94.81, then 93.50 and finally 95.70.
“The USD/JPY failed to stable below the key 94.10 level and an upside attempt is likely – especially that the stochastic is currently showing positive bias. For the upside intraday move to be confirmed, the pair has to stable above resistance levels 94.85.” notes the ICN.com analyst team.
Briefing the technicals, the USD/JPY is slated to face calculated support at 93.92, ahead of 93.52, and finally 93.03. Conversely, any recovery attempt and subsequent movement to the upside will encounter means of resistance at 94.81, then 93.50 and finally 95.70.
“The USD/JPY failed to stable below the key 94.10 level and an upside attempt is likely – especially that the stochastic is currently showing positive bias. For the upside intraday move to be confirmed, the pair has to stable above resistance levels 94.85.” notes the ICN.com analyst team.