Forex: USD/JPY flat around 93.50

USD/JPY is currently trading flat for the week around the 93.50 handle, as USD and Yen are about even so far, battling both for first place as strongest major currency for last few days, being Yen strongest one at the moment, more on weakness from the rest, than from strength in itself. The pair retraces from NY session highs at 94.05 following FOMC meeting minutes, and recovers from late Asian session weekly lows yesterday at 93.13.

As Valeria Bednarik notes, Chief Analyst at Fxstreet.com: “the hourly chart shows price finding support in a flat 100 SMA, as indicators turn lower in neutral territory, giving no clear clues on short term direction,” the analyst says, expanding: “In the 4 hours chart, technical readings gain bearish tone, with momentum retracing from the 100 level, favoring a retest of recent lows around 93.20. The upside will likely remain limited until next week, when PM Abe will announce the new BOJ governor,” she suggests.

Support levels are found by Valeria at: 93.50, 93.10 and 92.60, while resistance levels at: 93.90, 94.15 and 94.50.