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Forex: USD/JPY pares losses to 93.61/62

The USD/JPY has pared the majority of its losses after falling to the 93.28 region (session low) during overnight trading. However, after sporadic trading in the doldrums, the pair has recently recovered and moved back to opening levels, threatening to break into positive territory. The cross is presently operating at the 93.61/62 level in these moments, whilst still incurring a modest loss of -0.04% during European trading.

Slobodan Drvenica, an analyst at Windsor Brokers Ltd. identifies the next means of supportive correction at the 93.45, handle, down to the 93.00 barrier, and ultimately 92.80. Conversely, prolonged recovery will eventually test resistances at 93.70, onto the 94.00 upside barrier, and 94.21.

“The strong rally off last week’s fresh low at 90.85 retraced 76.4% of 25 February 94.55/90.85 sharp fall at 93.70, which averts downside risk and shifts near-term focus towards the upside targets. A break above psychological 94.00 barrier is required to open previous peaks at 94.45 and 94.55 and look for eventual test of 94.97 (2010 high and short-term target.) writes Drvenica.

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