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Forex: USD/JPY in session highs as yen weakens

The positive momentum of the USD is pushing the cross to session highs in the proximities of 93.90 on Wednesday.

G.Yu and G.Berry, Strategists at UBS, suggested, “With trending and momentum indicators pointing higher, watch for a break above resistance at 94.77, opening 97.79. Support is at 92.31 ahead of 90.88”.

As of writing, the cross is advancing 0.58% at 93.83 and the next resistance levels line up at the psychological level of 94.00 ahead of 94.77 (2013 high Feb.25) and then 94.82 (Upper Bollinger).
On the downside, a break below 93.20 (MA100h) would clear the way to 92.99 (low Mar.6) and then 92.91 (MA200h).

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