Forex: USD/JPY establishing session highs threatening the 93.00 level

The USD/JPY has is trading steadfastly in positive territory and is establishing session highs in these moments at 92.93, threatening the vaunted 93.00 level during European trading Monday. The pair is currently rising +0.12% above its opening after recovering from as low as 92.49 (session low) today.

According to Slobodan Drvenica, an analyst at Windsor Brokers Ltd., “The USD/JPY holds steady after a consolidation off last Friday’s fresh high at 92.95. However, the consolidation is for now underpinned by its ascending 20-day EMA, with overall bulls still keeping the upside in focus. A break above psychological 93.00 barrier could open the path towards 93.75 (Jan 2010 high) and 94.00.”

Drvenica, points to resistances stymieing the USD/JPY advance at 92.95, then 93.00 (psychological barrier) and 93.50. Conversely, a prolonged movement below the 92.50 handle will trigger supportive means at 92.28 and 92.00.