Forex: USD/JPY below 94.00 on G7 concerns

USD/JPY is currently at 93.27, off session lows at 93.14, a -1.05% lower from previous Asia-Pacific open yesterday, but still a +0.69% higher for the week so far, and unchanged from early NY past Tuesday. Nikkei index closed yesterday higher by +1.94% around the 11370 points, while SP500 closed in NY up +0.18% and gold +0.01%. Nikkei futures point for a slighlty lower open.

The pair had a nice dive by late London around the 94.28 price zone, near fresh 33-month highs area, down to daily lows at 92.94, on concerns about G7 statement saying “Japan will be in the spotlight at the G20 in Moscow this weekend," Reuters reported. As BK Asset Management managing director Kathy Lien puts it “USD/JPY came crashing down at the start of the NY session when a G7 official said their statement was misinterpreted because they are concerned about excessive moves in the Japanese Yen,” the analyst said.

Immediate support to the downside for USD/JPY lies at recetn session/Thursday's lows 93.14/08, followed by overnite's lows/Feb 03 highs at 92.97/4, and Friday's lows at 92.17. To the upside, closest resistance comes at Friday's highs 93.75, followed by Thursday's highs/yesterday's Asian session lows at 93.86/91, and Feb 06 highs at 94.06.