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Forex: USD/JPY in session highs around 93.30/35

FXstreet.com (Barcelona) - The Japanese yen is resuming its defensive tone against the greenback on Tuesday, pushing the cross to fresh intraday highs in the proximity of 93.30/35

“Our 92 one month target is suddenly looking conservative, as price action hints at exhaustion. $/¥ failed to gain on media indications Kuroda will err on the aggressive side at the Wed-Thu BoJ meeting, not a good sign. A probe of the late Feb 91 handle now looks the main risk on the week”, assessed Sean Callow, Strategist at the Australian bank Westpac.

At the moment, the cross is up 0.04% at 93.27 and a surpass of 93.92 (Kijun-Sen line) would open the door to 94.27 (MA10d) and finally 94.33 (Tenkan-Sen line).
On the flip side, support levels align at 92.44 (low Mar.1) followed by 92.01 (low Feb.28) and then 91.14 (low Feb.27).

Forex Flash: GBP/USD confirms end of correction higher below 20-day MA, at 15096 - Commerzbank

Last week, the market failed at the 1.5269 June 2012 low, but so far is holding over its 20 day moving average, which is located at 1.5096, and needs to break below here to alleviate immediate upside strength. “It is likely that the up move has terminated here, we note that last weeks high is indicated to be the end of the correction higher seen in March but we await a break below the 20 day ma as added confirmation”, wrote analyst Karen Jones, looking for losses towards the psychological 1.5000 region then the 1.4832 March low.” Longer term we look for losses to 1.4229, the 2010 low. Minor support can be seen around the 1.5176 March 15 high. Above 1.5270/75 would imply a deeper retracement to 1.5419 then 1.5600”, she added.
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