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Forex: USD/JPY hovering over 93.00

The Japanese yen is advancing against its American counterpart on Thursday, hovering over the 93.00 mark and retracing ground from Tuesday’s tops in the proximities of 94.50

David Solin, FX analyst at FXA.com, comments, “Note that the fall from the Feb 11th high at 94.40 (and false break of the key 94.00/25 resistance area) occurred in 5 waves suggests that the downside is not "complete" and with declines back to the 92.80 low and even below. Also, appear to be forming a head and shoulders pattern over the last week and with key support seen at the neckline (currently at 91.85/00)”.

At the moment, the cross is losing 0.37% at 93.03 and a breakdown of 92.93 (low Feb.14) would expose 92.82 (low Feb.13) and finally 92.36 (low Feb.11).
On the flip side, resistance levels align at 93.72 (high Feb.14) followed by the psychological level at 94.00 and then 94.41 (high Feb.12).

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