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Forex: USD/JPY holding above 92.00

USD/JPY is currently at 92.17, off fresh session and weekly lows at 91.94, losing so far since previous weekly close Friday a -0.64% , and retracing from fresh 30-month highs printed at 93.18 by mid London session. Now, according to FXstreet.com Independent Analyst Ivan Delgado: “climbing back above the 92.50, where a descending 20-hourly EMA meets with recent broken support is a pre-requisite to strengthen the notion of a re-attempt to new cycle highs.”

Also, as FXWW founder Sean Lee notes: “USD/JPY peeked above 93.00 in early European trade but a wave of selling in EUR/JPY finally took its toll. The Japanese market is reportedly very long of pairs like USD/JPY so further losses are certainly possible today,” the analyst says, adding: “Initial support is at 92.10 but there are stronger levels near 91.40 with resistance now at 93.20.” Nikkei index closed yesterday above the 12000 points mark, making another record high since mid April 2010.

Immediate support to the downside for USD/JPY lies at recent session lows 91.96, followed by Friday's NY session lows at 91.79, and Wednesday's highs at 91.38. To the upside, nearest term resistance shows at Friday's highs 92.94, followed by overnite's fresh 30-month highs at 93.18, and Sept 07 2009 highs at 93.30.

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