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Forex: USD/JPY breaks above 93.00

The US dollar continues to strengthen across the board, having recently broken above the 93.00 mark against the yen to hit its highest level since Monday, underpinned by better-than-expected US PMI and consumer confidence.

USD/JPY has risen nearly 70 pips within the last hour and reached a high of 93.50 before easing a tad. At time of writing, USD/JPY is trading around 93.35 where it records a 0.9% gain during the first day of March.

In terms of technical levels, if the USD/JPY manages to clear the 93.50 area, next resistances are seen at 94.00 and 94.30.On the other hand, immediate supports could be found at 93.00, 92.70 (20-hour SMA), and 92.40 (intraday low).

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