â€œUSD/JPY has broken and closed below previous spike lows at 93.50,â€ notes FXWW founder Sean Lee, â€œand selling short-term rallies back towards 94.00 is now the obvious play,â€ the analyst suggests. â€œOverall speculative positioning has been greatly reduced according to interbank reports,â€ Sean adds, â€œso canny players will be looking to buy any big exhaustive dips looking for a re-emergence of the dominant bull trend,â€ 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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.