Forex: USD/JPY flat around 93.30

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With Nikkei index slightly lower for the day around the 11350 points, down -0.19%, and local data better than expected, tertiary industry activity for Japan at +1.4% vs. +0.8% and coming from a -0.4%, best increase in a year, USD/JPY remains mostly unchanged for the Asia-PacĂ­fic session so far at 93.34, while US President Obama adresses the state of the union speech.

According to Valeria Bednarik, Chief Analyst at Fxstreet.com: "an ascendant trend line along with the 200 SMA offered intraday support," says the analyst, adding: "With price also above 100 SMA in the mentioned time frame, the downside continues to be limited, although there are not much support for buyers according to technical readings: indicators head south below their midlines, gaining bearish momentum. Break below 93.00 will expose the 92.40 lows recently accomplished, while below this last, the pair may attempt to extend its slide with 91.80 then in mind," she concludes.

Valeria spots support levels at: 93.00, 92.70 and 92.40, while resistance levels at: 93.80, 94.10 and 94.45.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: Investing , Forex and Currencies

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