Forex | Forex | Forex: USD/JPY's recovery capped at 93.30, back to 92.80 (31/08/2009 14:34:00)

Forex: USD/JPY's recovery capped at 93.30, back to 92.80

FXstreet.com (Barcelona) – After rising around 75 pips from 7-week low at 92.55 to trade above 93.00, USD/JPY has been rejected by the 93.30 resistance to levels below 93.00 field. Currently the pair is trading around 92.70/80, 0.90% below today's opening price action.

Valeria Bednarik, FXstreet.com collaborator, comments: “After bottoming at 92.50 support zone, pair recovered some ground yet general trend remains strongly bearish here. Hourly indicators have turned to the downside after reaching the 93.30 area, while current candle seems ready to cross 20 SMA to the downside that also holds a bearish slope. Pair reactions will be probably guided by U.S. stocks. Only a recovery above 93.60 area could change the intraday bias in the pair.”

Bednarik provide us with her today's levels: “Support levels: 93.00 92.80 92.50. Resistance levels: 93.30 93.60 94.10.”

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