Forex: USD/JPY stalls below 93.50

USD/JPY is currently at 93.11, off fresh weekly lows at 92.77 printed by mid NY session, now finding some resistance around Wednesday's Asian session lows. The pair is down -0.42% for the week so far, retracing from yesterday's Asian session highs at 94.05, following a Nikkei close yesterday down -1.39%, and SP500 close Thursday with -0.63%. No major local news are expected for the coming session.

As FXWW founder Sean Lee notes: “USD/JPY has quietened down into a consolidative mode and I expect that we will see more of the same broadly between 92/95 over the next few weeks,” the4 analyst says, adding: “The bullish bias remains but hedge funds are very long and happy to sell rallies and Japanese corporates are over-hedged and need to buy dips.”

Immediate support to the downside for USD/JPY lies at recent fresh weekly lows 92.77, followed by Feb 08/15 lows at key 92.20, and Feb 05 lows at 91.95. To the upside, closest resistance comes at Feb 06/19 lows 93.30, followed by Feb 15 highs at 93.83, and Feb 06/20 highs at 94.05.