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Forex: USD/JPY above 92.50; deflation persists

Closing yesterday's up +2.71%, Nikkei index opens today down last -0.27%, with USD/JPY around the 92.55 level, off session and 3-day highs at 92.86, bouncing from daily lows at 92.00 round. USD/JPY is still lower by -0.91% for the week, with latest CPI for the month of January at -0.2%, in line with expectations and the same as previous, 9th consecutive month in the negative, while household spending increased +2.4% year on year, highest in 6 months.

As Valeria Bednarik points out, Chief Analyst at Fxstreet.com, USD/JPY is “holding above 100 SMA in the hourly chart,” the analyst says, expanding: “However, the upside can’t be taken for granted: moving averages maintain a bearish slope while indicators lack momentum barely above their midlines. In the 4 hours chart, technical readings also present a shy bullish tone, yet only steady gains above 93.10 will favor a stronger advance in the pair,” she concludes.

Support levels are located by Valeria at: 92.30, 92.00 and 91.60, while resistance levels at: 93.10, 93.40 and 93.80.

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