FXstreet.com (San Francisco) - The USD/JPY is currently trading lower following the developments in the Italian elections. After peaking to 94.15, the pair has been rejected to trade close to intra-day lows at 93.65. Currently the pair is trading at 93.70.

Earlier in the morning, the USD/JPY rallied to 94.50 as investors took note from reports (not confirmed yet) that PM Abe will nominate dove ADB President Kuroda to lead the BoJ. “The uptrend here has been renewed and my outlook is positive above 93.50 support area, for a rise through 94.30, towards 96.00”, wrote Deltastock.com analyst Stoyan Mihaylov.

In the short term, next support comes at 93.65, followed by 93.50 and 93.30. On the other side, resistances are at 94.10, 94.25 and 94.50.