FXstreet.com (Barcelona) - USD/JPY is last at 93.24, off recent session and 4-week lows at 93.10/03, following a yesterday's Nikkei close down -2.21%. Yen has been the strongest currency among majors for last 2 trading days, followed by CHF and GBP. The pair is down about -1% for the week so far, ahead of Average cash earnings in Japan at 01:30 GMT.

“USD/JPY has broken and closed below previous spike lows at 93.50,” notes FXWW founder Sean Lee, “and selling short-term rallies back towards 94.00 is now the obvious play,” the analyst suggests. “Overall speculative positioning has been greatly reduced according to interbank reports,” Sean adds, “so canny players will be looking to buy any big exhaustive dips looking for a re-emergence of the dominant bull trend,” he concludes.

Immediate support to the downside for USD/JPY lies at NY session lows 93.15, followed by March 05/06 lows at 92.96/88, and Feb 21 lows at 92.74. To the upside, closest resistance shows at March 25 lows 93.51, followed by March 26/28 lows at 93.83/4, and Feb 06 highs at 94.06.