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Forex: USD/JPY establishes fresh highs at 93.40/42

FXstreet.com (Barcelona) - A recent attempt at the downside was reversed at the 93.10 level, whereby launching the USD/JPY to session highs in recent moments at 93.40/42 on the heels of US economic data. At this level, the pair is testing resistance and operating at +0.16% above its opening.

Mataf.net analysts point to corrective measures of resistance ahead at 93.35, then 93.50, and 93.80. Regarding a paring of losses, supports for the USD/JPY will trigger at 92.70 onto 92.50 and ultimately 92.05.

In the United States, the ISM New York Index (March) came in at 51.2, compared to a figure of 58.8 previously. Moreover, Factory Orders (MoM) grew +2.0% in March, against estimates of +2.9%.

US Factory Orders (MoM) up to 3% in Feb from -1% in Jan

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Sebastien Galy, Senior FX Strategist at Societe Generale notes that for all the recent European drama, Italian politics are still locked in stalemate.
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