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Forex: USD/JPY bouncing from 93.00

The Japanese yen is resuming its appreciation against the greenback on Tuesday, hovering over the 93.10/20 region as the risk appetite is reining in the markets.

William Moore, Technical Markets Strategist at RBS, suggests the cross would still range between 91.43 and 94.77 as there are no signals showing otherwise. “Note that the bigger longer term target from the inverse head and shoulders pattern was achieved at 92.32 and since then the bullish momentum has dwindled significantly”, concludes Moore.

At the moment, the cross is down 0.39% at 93.10 with the next support at 92.90 (MA200h) ahead of 92.55 (MA30d) and then 92.44 (low Mar.1).
On the upside, a breakout of 93.54 (high Mar.5) would expose 93.73 (high Mar.4) and then the psychological level at 94.00

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