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Forex: USD/JPY looks heavy; correction may find sellers at 93.30

The USD/JPY weakened for a third consecutive day towards 92.70, a 3-day low too, an an area still 70 pips way from what some analysts are expecting as a requirement for the USD/JPY to confirm a top.

Present quote is higher at 93.05 30 minutes into the Tokyo session. Should the recovery extend, the next troubling are may be taken at 93.20 up to 93.30, where a sequence of intraday lows are lying.

As Valeria Bednarik, chief analyst at FXstreet.com, notes: "Buying interest have receded. The hourly chart shows price below moving averages while indicators hold in negative territory. In bigger time frames, a stronger bearish momentum is present, looking now for a short term continuation towards the 92.20 static support area. Sellers should appear in the 93.30 price zone."

Japan: Foreign investment in Japan stocks (Feb 8): ¥212.9B

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