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Forex: USD/JPY rallies on European session, above 93.00

After an Asian session trading sideways, the USD/JPY was lifted from 92.50 area back to the 93.00 mark, and then to 93.40, for now. European money is allowing a move that the pair wasn't able to make during Asian hours as Japan is closed for National Foundation Day.

Not much is expected today, but Japan will be publishing consumer confidence, machinery tool orders and GDP data during the week before Thursday's BoJ monetary policy decision. Given that current Governor Shirakawa is due to leave soon and the most antecipated meeting happened last month, little is to expect this time.

“Break below 92.00 is required to trigger further reversal and open Fibonacci supports at 91.74 and 91.0., 38.2% and 50% of 88.05/94.02 ascend”, wrote Windsor Brokers analyst Slobodan Drvenica, adding that, conversely, sustained break above 93.00 would avert immediate downside risk and confirm basing attempt.

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