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5 Mar 2013
Forex: USD/JPY holds downside above 93.00
The USD/JPY has been moving down since early in the Asian session, from 93.50 area to 92.92 low, and although the European morning brought the pair back to 93.00 ground not much movement came after that. The pair remains limited under a tight range, around 93.06/25, but at the moment of writing there is a surge of bids that may attempt at extend above the upper side of the band.
Investors will now be eyeing the US ISM non-manufacturing PMI, due at 15:00 GMT, but the BoJ meeting on Thursday and US nonfarm payrolls on Friday will be more decisive for the direction of the USD/JPY.
“The intraday outlook is bearish below 93.20 resistance, as the pair is heading towards 92.03, en route to 90.85 low”, wrote Deltastock.com analyst Stoyan Mihaylov.
Investors will now be eyeing the US ISM non-manufacturing PMI, due at 15:00 GMT, but the BoJ meeting on Thursday and US nonfarm payrolls on Friday will be more decisive for the direction of the USD/JPY.
“The intraday outlook is bearish below 93.20 resistance, as the pair is heading towards 92.03, en route to 90.85 low”, wrote Deltastock.com analyst Stoyan Mihaylov.