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Forex: USD/JPY trading at 93.45/46 following US data

The USD/JPY has had a wild session, spanning nearly 100 pips (92.82 intraday minimum, 93.79 intraday maximum). In recent moments however the pair has rescinded its gains, though is now returning to opening levels where it is testing negative territory on the heels of economic data in the US. At the time of writing the pair is negotiating the region of 93.45/46.

In the United States, Retail Sales (MoM) rose +0.1% in January, against expectations of +0.1% and down from +0.5% previously. In addition, Retail Sales ex Autos (MoM) reported a figure of +0.2 in January, exceeding a consensus of only +0.1%.

The Technical Analysts at ICN.com point to supports at 93.10, followed by 92.70 down to 92.50. Conversely, an upward push towards 93.80 will initiate resistances at 94.05 and 94.25.

“Despite the recent recovery, the USD/JPY didn’t breach the 93.80 levels and the possibility of the downside move is still valid – the technical catalysts have changed which worries us in regards to the suggested bearish scenario. The pair should trade again below 93.10 levels to bring negativity back.” warns the ICN.com analysts.

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