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Forex: USD/JPY enters 92.40/75 demand after 92.95 break

FXstreet.com (Barcelona) - With all the attention on the 'not as dovish' RBA statement, the Yen enjoyed a powerful 50 pips spike ahead of the Australian risk event, breaking through 92.94 support with the exchange rate now floating inside a first area of demand comprised between 92.40 and 92.75, where some challenge to the recent cascade of offers is expected.

Should selling orders breach through the first strong layer of demand, a second level protection lies right underneath, between 92.00 and 92.40, as per the drop + consolidation + rise seen on February 28. On the upside, a potential recovery faces strong supply - from a lower time frame view - at 93.00, with additional sequences of selling interest expected at 93.20 up to 93.30.

A rise and consolidation back above the 93.00 may qualify as a bear trap for those going short on the recent downside break.

According to Sean Lee, founder at FXWW, "USD/JPY is maintaining its heavy tone but further losses are expected to be hard-fought, with plentiful bids building near 92.70, with rallies back towards previous spike low at 93.50 likely to attract sellers."

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