Forex: USD/JPY back to session lows above 93.60

With Nikkei again to the downside following lunch break in Tokyo, last a -0.43% lower for the day around the 11360 points, USD/JPY is also having some selling pressure last at 93.64, near previous session lows at 93.56 printed moments before BoJ minutes release, on comments from Japanese officials.

The pair retraces from session highs barely below the 94 handle, where market sources report activity related with options around the 94.5-95.00 price area, starting with offers around 94.00. “The focus remains toward the current 94.45 high and the 95.00, 2010-high,” says CMT and FXstreet.com Independent Analyst Fan Yang, adding: “To the downside, a break below 92.00 remains the threshold before a topping formation is formed to suggest bearish correction,” he concludes.

Immediate support to the downside for USD/JPY lies at recent session lows/weekly start 93.56/52, followed by Feb 06 lows at 93.27, and Feb 07 lows at 93.08. To the upside, closest resistance shows at Friday's highs 93.84, followed by yesterday's weekly highs at 94.22, and Feb 11 fresh 2-year highs at 94.47.