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Forex: USD/JPY calm after retracing losses

After easing throughout the Asian session to as low as 92.83, the USD/JPY regained the 93.00 handle and shot up above the opening price during the European shift to as high as 93.78. The pair is currently consolidating around 93.60.

The economic calendar will provide the release of US import and export prices, retail sales, business inventories and a 10-year note auction. US Treasury Secretary Nominee Lew will speak at 15:00 GMT.

“Yesterday's break below 93.87 signals a reversal at 94.46 and current outlook is negative, for a slide through 92.85, en route to 91.40”, wrote Deltastock.com analyst Stoyan Mihaylov, pointing to 93.87 resistance as crucial on the upside.

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