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Forex: USD/JPY hovering over 92.60/65

The Japanese yen continues to strengthen against its American counterpart on Friday, hovering over the mid 92.00s as of writing and recovering ground after bottoming in the 92.30 region.

Following today’s comments by Japanese Finance Minister T.Aso, Christopher Vecchio, Currency Analyst at DailyFX, commented, “Now that seasonals are in favour of Yen strength – March represents the end of Japan’s fiscal year, and the Yen typically strengthens from mid-February through late-April – we very-well may be on the verge of the next bout of risk-aversion if political concerns stemming from Italy and Spain boil over”.

At the moment, the cross is losing 1.03% at 92.66
Next support levels lie at 92.18 (Tenkan Sen line) followed by 91.99 (low Feb.5) and then 91.62 (low Feb.1).
On the upside, a breakout of 94.08 (high Feb.6) would open the door to 94.25 (Upper Bollinger) and then 94.93 (MA100w).

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