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Forex: USD/JPY slips below 93.50

When is lunch time in Tokyo and markets closed for 1 hour, USD/JPY has broken to the downside last at 93.47, off session lows at 93.35, retracing from session highs at 93.83. The move comes at the same time comments from BoJ's Morimoto hit the wires, from a speech to business leaders given in Kochi, Reuters reported.

Previous trade balance figures showing a bigger trade deficit than expected, despite increasing exports, led to USD/JPY topping around mentioned session highs, for now back about flat for the week, still above yesterday's weekly lows at 93.29. Local share markets show a mixed picture, with Nikkei still in the positive up +0.64%, along with Kospi higher by +1.40%, while Hang-Seng is flat. Oil jumped above the $96 mark, one of big causes for Japanese deficit as crude imports coupled with weaker Yen have imbalanced the trade flows.

Immediate support to the downside for USD/JPY lies at recent session lows 93.35, followed by yesterday's weekly lows at 93.29, and Feb 07 lows at 93.07. To the upside, closest resistance comes at Feb 08/13/14/15/session's highs 93.74/84, followed by Feb 06 highs at 94.07, and Feb 18 highs at 94.22.

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