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Forex: USD/JPY trades flat despite intraday volatility

Even though the dollar managed to recover ground versus the yen on Wednesday, USD/JPY stalled around 93.75 after an over 90-pip rally.

USD/JPY pulled back from highs and settled within a narrow range during the New York session a day after the G7 statement, which left traders unclear over international policy makers' stance on the yen's sharp fall.

At time of writing, USD/JPY is trading at the 93.45/50 area, where it is virtually unchanged since opening. In terms of technical levels, the Talking-Forex.com team sees supports at 92.36/17 and then at 91.96. "On the other hand, resistance levels are seen at 94.46 which is the Feb-11 th high and then at 94.99 which is the May 4 th 2010 high, as well as the August 24 th 2009 high at 95.10".

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