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Forex: USD/JPY testing the 94.00 level

After bottoming out in the 93.79 region (session low) during the overnight session, the USD/JPY has pared the majority of its losses to retest the 94.00 barrier in these moments. Despite this movement higher, the pair still trades negatively Thursday, settling a tepid -0.06% off its opening still.

According the Technical Analyst Team at ICN.com, “We remain neutral today to see how the USD/JPY reacts close to the previously broken support. Breaching the 94.50 level might trigger a new bullish wave, while a breakout below 93.05 might revive suggested negativity.”

Matf.net analysts have calculated the next supports at the 93.31 level, onto 92.59, and finally 92.19. On the ascension, a break above the 94.43 resistance will trigger additional means of correction at 94.83 and 95.55.

Earlier today, the Bank of Japan made no changes to policy settings, as widely expected. It was Governor Shirakawa's last policy decision before his resignation takes effect on March 19, though there was some dissent however. Board Member Shirai voted in favor of beginning open-ended asset purchases immediately rather than waiting until 2014 and combining the APP and Rinban operations into a single program.

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Forex: EUR/JPY up at 122.45/50, looking higher

The EUR/JPY regained 122.00 ground yesterday and after a period of consolidation there, the cross jumped on the European opening, facing 122.45/50 as resistance.
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