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Forex: USD/JPY trading sideways at 93.55/57

The USD/JPY has continued to trade at the cusp of positive territory during European trading Monday, unable to break in either direction. At the time of writing, the pair has settled at 93.55/57, trading sideways in recent minutes.

“The USD/JPY moved to the upside during Thursday’s session and is trading now at the previously broken key support level of the ascending channel. In addition, the stochastic offers overbought signals and accordingly we expect the upside move is merely a retest to the broken support level. Therefore, we prefer to remain neutral whereas stability above 93.00 and 93.35 levels weaken negativity and the pair must return below to trigger negativity.” writes the ICN.com Technical Analyst Team.

The pair is operating at -0.07% off its opening and ICN.com analysts calculate that the USD/JPY decline will be fortified by supports at 93.35, onto 93.05, and finally the 92.50. Conversely, an upward push will lead to resistive measures at 93.65, up to 94.15, and 94.55.

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