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Forex: USD/JPY testing the 93.00 level

The USD/JPY has rocketed higher in recent minutes, jumping 32 pips during European trading Monday. At the time of writing the pair is testing the vaunted 93.00 level (initial resistance), having secured an advance of +0.26% thus far.

According to Slobodan Drvenica, an analyst at Windsor Brokers Ltd., “The near-term price action is stuck between 4h 55-day EMA on the downside and 20-day EMA on the upside. With 4h indicators penetrating below the midlines, downside risk persists.”

After swinging back into positive territory today, Slobodan Drvenica suggests the cross will be stymied by resistances at 93.00, up to 93.31, and finally 93.58. On the downside, the USD/JPY will encounter means of calculated support at 92.40, then 92.17, and finally the 92.00 handle.

Forex: EUR/USD bounces to its daily highs

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