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Forex: USD/JPY falls to 92.00 barrier

The USD/JPY has taken a tumble off the 92.40 handle, falling nearly 30 pips to touch the 92.00 barrier and key support (session low). However in recent moments the pair has settled at 92.07/08, trading negatively -0.16% as it hovers precariously close to the 92.00 mark.

After falling below the 92.16 support, Slobodan Drvenica, an analyst at Windsor Brokers Ltd. cites the next means of correction at the 92.00 barrier, then 91.62. Conversely, a recovery into positive territory could portend the eventual testing of resistances at 92.70, ahead of 93.14, and the 93.68 handle.

“The near-term structure has improved slightly, as the price moved towards the upper boundary of consolidation range at 92.70. However, weak 4h studies did not see much potential for stronger rebound. On the downside, a loss of 92.00 handle will be seen as initial signal of weakness, but break below 90.85/67 is to confirm reversal from 94.55 and open next downside target at 90.00.” warns Drvenica.

Later tonight at 23:30 GMT, Japan is slated to release a tranche of economic data, including several CPI indices. In the more immediate term however, investors will eye the US GDP figures, as potential risk aversion may mount.

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