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1 Apr 2013
Forex: USD/JPY recovery attempt stalls
FXstreet.com (Barcelona) - The USD/JPY had been steadily paring losses Monday, having fallen to the depths of 93.27 during European trading. However, a second recovery attempt subsequently stalled at the 93.81 level, leading the pair to retrace back to 93.64/70 in these moments, down -0.65%.
“The breakout below the medium-term ascending support triggered the extension of the USD/JPY downside correction targeting now areas of 92.05 and 91.50 at least. The bearish outlook remains valid in the near-term.” warns the ICN.com analyst team.
After breaking support at 94.03, Mataf.net analysts point to corrective measures of support ahead at 93.77, then 93.60. Regarding a further paring of losses, resistances for the USD/JPY will trigger at 94.47 onto 94.63 and ultimately 94.90.
In the United States, Markit Manufacturing PMI (March) came in at 54.6, against expectations of 54.9, and compared with 54.3.
“The breakout below the medium-term ascending support triggered the extension of the USD/JPY downside correction targeting now areas of 92.05 and 91.50 at least. The bearish outlook remains valid in the near-term.” warns the ICN.com analyst team.
After breaking support at 94.03, Mataf.net analysts point to corrective measures of support ahead at 93.77, then 93.60. Regarding a further paring of losses, resistances for the USD/JPY will trigger at 94.47 onto 94.63 and ultimately 94.90.
In the United States, Markit Manufacturing PMI (March) came in at 54.6, against expectations of 54.9, and compared with 54.3.