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Forex: USD/JPY consolidates above 93.00

The Japanese yen is extending its generalized depreciation on Tuesday, trading in the 93.15/20 region against the greenback, or 30-month lows, as government officials continue to talk down the currency.

I.Spivak, Currency Strategist at DailyFX, suggests, “prices broke above resistance at 92.34, the 50% Fibonacci expansion, exposing the 61.8% level at 93.33. A push this barrier eyes the 76.4% Fib at 94.60. The 92.34 level has been recast as near-term support, with a reversal below that aiming for the 38.2% expansion at 91.33”.

As of writing, the cross is up 0.82% at 93.13 facing the next hurdle at 93.65 (high May 13 2010) followed by 93.96 (38.2% of 2007-2011 drop).
On the flip side, a breakdown of 91.62 (low Feb.1) would open the door to 91.15 (MA10d).

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