Forex: USD/JPY resilient above 92.00

FXstreet.com (Barcelona) - Few minutes away from Japan manufacturing PMI, the USD/JPY is back above the 92.00 level, last at 92.23, near daily highs, off 92.43, exactly same level capped the upside after Tuesday's Bernanke testimony. The pair bounces from daily lows at 91.13, price zone has seen buyers gather for 3 times already since massive Monday's sell-off following dramatic Italian election results. The pair is still down -1.26% for the week, with Nikkei closing yesterday down -0.92%, while SP500 has climbed Thursday a +1.27%.

“The hourly chart shows price quite firm,” says Valeria Bednarik, Chief Analyst at Fxstreet.com, “although indicators are losing upward momentum, still in positive territory.” The analyst adds: “100 SMA is now around 92.70, acting as resistance level: if price managed to overcome this last, further slides will turn more difficult. In the 4 hours chart indicators head higher from oversold readings, still far from giving clear continuation signals. Downside risk has moved far away, as only below 90.80 the pair may resume its bearish trend,” she concludes.

Support levels are seen by Valeria at: 92.00, 91.60 and 91.20, while resistance levels at: 92.70, 93.00 and 93.40.

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