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Forex: USD/JPY holds above 93.25

After hitting a multi-year high above 94.00 during the Asian session, USD/JPY lost momentum and pulled back from highs. However, the setback was contained by the 93.25/30 area twice on the day, leaving the pair in a tight range.

At time of writing, USD/JPY is trading around 93.35, still down 0.3% on the day in a quiet American afternoon. On the downside, below 93.25, next supports are seen at 93.00 (psychological level) and 92.70 (100-hour SMA). On the other hand, resistances could be found at 94.05 (intraday high), 94.50 and 94.95 (2010 high).

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