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Forex: USD/JPY corrects from highs

After an impressive rally, the dollar is correcting from highs versus the yen amid some profit taking as the dust settles ahead of the weekend. USD/JPY rose over 150 pips from the 92.20 area toward a high of 93.83 in the wake of the G20 draft, with made no mention of a pledge to avoid currency manipulation.

However, the pair found resistance and pulled back from highs to currently quote at the 93.50 area, still up 0.7% on the day. USD/JPY is also on track to close its eighth consecutive week with gains, this time for 0.9%.

On the upside, once above 93.85, next resistances are seen at 94.00 (psychological level) and 94.45 (Feb 11 high). On the downside, supports could be found at 93.35 (100-hour SMA), 93.00(psychological level) and 92.60 (intraday level).

We have an accelerated downtrend at 1.5748 and only above here will alleviate immediate downside pressure for recovery towards the 200 day ma at 1.5868. The tiny rebound we are seeing today is expec

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