FXstreet.com (Barcelona) - After recovering from 92.55 yesterday's low and posting 93.37 as intra-day high in the early European morning, USD/JPY has been in a consolidation path above 93.00, trading in a narrow range between 93.05 to 93.20 in the last three hours.
Currently the pair is trading around 93.15, posting 0.30% daily gains from opening price action. Next resistance level lies at 93.20 (Asian high and Aug 27 low), above here, 93.45 (Aug 28 low) and 93.65. On the downside, support levels lie at 92.71, and below here, 92.55 (Aug 31 low) and 92.35/50.
According to George Clement, senior analyst at Swiss e Trade, comments: The USD lost further ground against the Yen in late Asian trading, down to 92.50 and now recovering in early European trading, currently priced at 92.90. We expect this recovery move to fade out in today's market, leaving room again on the downside, this time to the 91.50 level.