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Forex: USD/JPY breaks down 93.25

FXstreet.com (San Francisco) - The US dollar is trading lower today against the Japanese yen with the USD/JPY falling around 70 pips in the American session from 93.85 to break down the 93.25 (previous intra-day low) to reach fresh lowest level since March 6th at 93.15.

The USD/JPY is currently trading at 93.25, 1.07% down on the day. The pair is slightly bearish according to the FXstreet.com Forex Studies. Indicators such as MACD, Momentum and CCI are bearish while the Stochastic is pointing bullish in the 1-hour chart.

"We’ve just about retraced 61.8% of the rally from the post-Italian election low of 90.90 to 96.74 in USD/JPY," comments the FXBriefs.com analyst team. "That level comes in at 93.13. Just below that, we have the area of support in the 92.90 region. Bids are seen scattered between those two levels but stop-loss sell orders predominate below 92.90."

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