USDJPY: Backs Off Higher Prices, Consolidates

February 14, 2013 in Forex Analysis

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USDJPY: With its correction fading we look for USDJPY to return to the 94.45 level. Further out, resistance resides at the 95.00 level with a turn above here aiming at the 95.50 level followed by the 96.00 level and next the 96.50 level. On the downside, support comes in at the 93.17 level followed by the 91.70 level and then the 90.00 level and next the 90.00 level. A cut through there will aim at the 89.00 level. All in all, USDJPY remains biased to the upside in the medium term.

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