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Forex: USD/JPY backs away from 93.00

Even though the dollar managed to print a higher high versus the yen on Friday, it lacked momentum to extend gains beyond the 93.00 mark and pulled back slightly ahead of the NY opening.

USD/JPY extended gains into a fourth consecutive day, and continues to recover after the sharp sell-off seen on Monday. USD/JPY rose over 60 pips during the last sessions and recently hit a fresh 4-day high of 93.02 before retreating.

At time of writing, USD/JPY is trading around 92.65/70, where it is still 0.2% above its opening price. If the cross manages to regain the 93.00 level, next resistances are seen at 93.10 (20-day SMA) and 93.50. On the other hand, immediate supports could be found at 92.65 (20-hour SMA), 92.40 (intraday low) and 92.00 (psychological level/Feb 28 low).

EUR/USD lies eyes on 1.3000

The demand for the single currency remains depressed on Friday, as the US ‘sequester’ is bolstering the increasing risk aversion. Mixed data from the euro area are weighting on the cross as well, adding to the downside....
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