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Forex: USD/JPY breaks below 94.00 for first time in 3 weeks

FXstreet.com (Barcelona) - USD/JPY is last at 94.21, -0.30% lower for the week so far, off recent fresh 3-week lows at 93.50 printed on the back of FED Bernanke's comments, and despite the run higher in USD and US bonds, taking again 10 year note yields to the 1.9% levels, last at 1.92%. Japan Corporate Services Price Index (CSPI) will be released at 23:50 GMT, while BoJ Kuroda is expected to testify before the Diet, in Tokyo.

As Gregory McKenna points out, CEO at GlobalFX and former Head of Currency Strategy at the NAB and Westpac: “USDJPY broke our trendline making a low of 93.53 and we would now be short USDJPY targetting 93.05 then 90.73,” the analyst says, adding: “But if you like Fibonacci levels the way that I do a "usual" retracement within an uptrend would see a move back to the 38.2% level which is 89.97,” he suggests.

Immediate support to the downside for USD/JPY lies at March 17 lows 94.05, followed by past NY session 3-week lows at 93.50, and March 05 lows at 92.91. To the upside, closest resistance shows at current levels as Friday's lows 94.23, followed by Feb 11 highs 94.46, and March 19 lows at 94.70.

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