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5 Mar 2013
Forex: USD/JPY testing the 93.00 level
The USD/JPY has waned to the 93.00 level, though has held up reasonably at this threshold despite falling to 92.91 briefly (intraday minimum). The pair has been under siege since overnight trading, testing the 93.00 barrier in these moments, -0.43% off its opening.
Slobodan Drvenica, an analyst at Windsor Brokers Ltd. identifies the next means of supportive correction at the 92.90, handle, down to the 92.62 level, and ultimately 92.43. Conversely, a prolonged recovery will eventually test resistances at 93.53, onto the 93.70, and the 94.00 upside barrier.
“The near-term bulls remain in play for an attempt towards the initial 94.00 barrier and more important 94.45/55 peaks, supported by positive 4h chart studies, while hourlies are losing traction. However, a loss of 93.00 handle, would be still seen as further corrective action, as long as 92.00 support holds. ” warns Drvenica.
Slobodan Drvenica, an analyst at Windsor Brokers Ltd. identifies the next means of supportive correction at the 92.90, handle, down to the 92.62 level, and ultimately 92.43. Conversely, a prolonged recovery will eventually test resistances at 93.53, onto the 93.70, and the 94.00 upside barrier.
“The near-term bulls remain in play for an attempt towards the initial 94.00 barrier and more important 94.45/55 peaks, supported by positive 4h chart studies, while hourlies are losing traction. However, a loss of 93.00 handle, would be still seen as further corrective action, as long as 92.00 support holds. ” warns Drvenica.