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Forex: USD/JPY slides to fresh daily low

USD/JPY turned back lower during the New York session, after a recovery attempt was capped by the 93.65 area. The pair broke below the 100-hour SMA and hit a fresh daily low of 93.28. However, USD/JPY found fresh support at the 200-hour SMA and it is currently trading at the 93.30 zone, recording a 0.7% daily loss.

"The yen is stronger and is a notable mover among the G10 currencies", said Nick Bennenbroek, Head of Currency Strategy analyst at Wells Fargo Bank. "The rhetoric from Japanese politicians has turned less dovish, with the finance minister today saying the government would not buy foreign bonds for monetary policy purposes".

In terms of technical levels, supports are seen at the psychologically important 93.00 level, then at 92.22 (Feb 15 low) and 92.00. On the other hand, resistance levels are seen at 93.96 (intraday high), 94.20 (high Feb 18) and 94.45 (Feb 11 high).

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