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Forex: USD/JPY finds traction at support

The USD/JPY has fallen Thursday as the yen – left for dead in recent weeks – has finally managed to hold its own against its US counterpart. Ahead of a tranche of US data that looks to dominate afternoon trading, the pair has edged lower and is trading just under calculated support (93.34) at 93.27/28 in these moments, down a sizable -0.31%.

According to Slobodan Drvenica, an analyst at Windsor Brokers Ltd., “The USD/JPY’s near-term price action shows no significant changes, especially when compared to the previous few sessions, as it is moving within 93.00/94.00 range. The near-term studies hold a neutral stance, while overall bulls are showing initial signals of fatigue, as daily indicators started to move lower and ADX shows bulls sidelined.”

Later today in the United States, several indicators are slated for release beginning at 13:30 GMT. These include some vital CPI data in the month of January, along with employment data.

Drvenica isolates the supportive means at the 93.34 handle down to 93.00 (strong support) and finally 92.68. Should any recovery movement begin, an upward thrust above 93.80 will initiate means of resistance at 94.00 (key upside barrier) and 94.21.

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