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Forex: USD/JPY break of 93.00 allows further losses

The Yen is strengthening across the G10 board, with steady bids allowing the Japanese currency to break above yesterday's high against its main cometitors, including the Euro and the US Dollar.

On USD/JPY, after a G7-fueled sharp drop from 2.5 highs around 94.30 until 92.94, long players came back to the market making a half-hearted corrective attempt only bringing the price toward 93.60 - the 50% fib retrac from the 3-hour US drop - before Asian players stepped in to send the rate as low as 92.80 following consistent selling. Resistance is now expected at 92.95/93.00.

According to Sean Lee, founder at FXWW, "USD/JPY is back below 93.00 and bank dealers are saying that selling by Asia-based players is the primary factor at play today. Bids are expected to be solid 92.00/20 from Japanese corporates unwinding hedges."

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