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Forex: USD/JPY slams through 92.20 key support

USD/JPY is currently testing the breaking point and key previous support at 92.20, bouncing from fresh Feb lows at 90.84, following the great sell-off the pair suffered when Italian election results started to be released in early NY session. USD/JPY printed a fresh 34-month high in early Asia-Pacific yesterday to start the week off on headlines of the new BoJ head to be elected soon, being most probably candidate Kudora, one of most dovish contenders.

According to Valeria Bednarik, Chief Analyst at Fxstreet.com: “The hourly chart shows indicators aiming for an upward corrective movement, heading slightly higher from extreme oversold readings, although some stability above 92.20 is required to see price correcting higher,” the analyst notes, adding: “In the 4 hours chart, there’s a strong bearish tone persisting, although current candle opened above 200 SMA, around 91.50 and immediate support: renewed selling pressure below this last should lead to a bearish continuation with key 90.00 level then at sight,” she concludes.

Valeria finds support levels at: 91.80, 91.40 and 91.00, while resistance levels at: 92.20, 92.70 and 93.10.

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