Forex: USD/JPY finding bids ahead of 92.20

USD/JPY is currently printing yet another fresh session and 5-day lows last at 92.30, ahead of reported buying interest starting at 92.20, and heavy stops below the 92.00 round, with buying interest orders back again around 91.50, FXWW Sean Lee says: “Better buying interest noted at 91.80 and 91.50/60,” he noted. For second consecutive week in a row the pair will close in Asia in the negative, something did not happen since late Sept, leaving very long upper shadows in its weekly candles.

According to FXA's analyst David Solin: “the fall in USD/JPY from the Feb 11th high at 94.40 occurred in 5 waves,” what in his view “suggests that the downside is not 'complete' and with declines back to the 92.80 low and even below,” the analyst suggests, adding: “Also, appear to be forming a head and shoulders pattern over the last week and with key support seen at the neckline (currently at 91.85/00).” Nikkei index is last around the 11130 points, down -1.53% for the day.

Immediate support for USD/JPY to the downside lies at recent fresh 1-week lows 92.24, followed by Feb 08 lows at 92.16, and Feb 04 lows at 91.96. To the upside, closest resistance shows at yesterday's lows 92.66, followed by Wednesday's lows at 92.81, and session highs/Feb 07 lows at 93.10.