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Forex: USD/JPY extending its correction, around 93.50

The Japanese yen is resuming is appreciation against its American counterpart on Tuesday, dragging the cross from overnight highs in the boundaries of 94.00 to session lows in the proximity of 93.35, just to recover some ground afterwards to the current area of 93.50

“The yen is slightly stronger on uncertainty about whether purchases of foreign assets still exists as an option in Japan's monetary policy. We still look for a weaker yen, although the bigger move is likely behind us”, commented Senior Analyst S.Roed-Frederiksen at Danske Bank in the wake of the BoJ minutes released earlier today.

At the moment, the cross is losing 0.51% at 93.47 with the next support at 93.32 (Tenkan-Sen line) ahead of the psychological level at 93.00 en route to 92.22 (low Feb.15).
On the upside, a break above 93.96 (high Feb.19) would open the door to 94.22 (high Feb.18) and then 94.41 (high Feb.12).

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