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20 Feb 2013
Forex: USD/JPY finds buyers above 93.30
USD/JPY has bounced during late NY session at weekly lows 93.28, trading last at 93.57, about flat for the week so far. The pair retraces from Monday's weekly highs at 94.22 as sellers start gathering above the 94.00 figure and some option barriers emerge, market sources say. Nikkei index closed yesterday below the 11400 points mark, down -0.31%, while US 10 year bond yields keep above the 2%, last at 2.03%.
According to Valeria Bednarik, Chief Analyst at Fxstreet.com: “The bullish long term trend may have decided to take a breath and some consolidation/yen gains should not be discarded now,” the analyst notes, adding: “Still there are no technical signs the rally is over. For the short term, the hourly chat shows price above 100 and 200 SMA, both converging in the 93.30 area, while indicators hold a neutral stance. In the 4 hours chart technical readings also lay around their midlines, showing no current strength either side of the board. Below 93.10 the downside is exposed up to 92.20 area, past week low,” she concludes.
Valeria finds support levels at: 93.10, 92.60 and 92.20, while resistance levels at: 93.80, 94.15 and 94.50.
According to Valeria Bednarik, Chief Analyst at Fxstreet.com: “The bullish long term trend may have decided to take a breath and some consolidation/yen gains should not be discarded now,” the analyst notes, adding: “Still there are no technical signs the rally is over. For the short term, the hourly chat shows price above 100 and 200 SMA, both converging in the 93.30 area, while indicators hold a neutral stance. In the 4 hours chart technical readings also lay around their midlines, showing no current strength either side of the board. Below 93.10 the downside is exposed up to 92.20 area, past week low,” she concludes.
Valeria finds support levels at: 93.10, 92.60 and 92.20, while resistance levels at: 93.80, 94.15 and 94.50.