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Forex: USD/JPY below 94.50 ahead of Kuroda

FXstreet.com (Barcelona) - With recently released retail sales data for Japan year on year at -2.3% when an increase of +0.9% was expected, and coming from a previous -1.1%, number reflects worst result in more than a year, since late 2011, falling for third consecutive month. USD/JPY trades at near session lows 94.33, off NY session highs at 94.53, ahead of BoJ Kuroda appearance before parliament at 02:00 GMT, while Nikkei index opens below the 12500 points mark, down -0.4% so far.

According to Valeria Bednarik, Chief Analyst at Fxstreet.com, the 100 SMA in the 1 hour chart offers resistance in USD/JPY at around 94.50, while “Technical readings remain in negative territory,” she notes, adding that the “bigger time frames look also bearish which should maintain the upside limited,” she suggests. “Key support comes now at 93.50, this week low as once above, the downside may extend up to 92.00 over the upcoming week,” the analyst reckons.

Valeria locates support levels at: 94.10, 93.90 and 93.50, while resistance levels at: 94.50, 94.85 and 95.10.

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