FXstreet.com (Barcelona) - The Yen is proving stronger in times of uncertainty, and USD/JPY extended decline from Tuesday high at 93.45 to a fresh 6-week low at 92.24 right after the release of a weaker than expected U.S. ADP employment report.
At the moment, the Dollar moves around 92.45, with next support levels at 92.25 session low, and below here, 92.00 and 91.70/80 (Jul 8 and 13 low). On the upside, resistance levels lie at 92.35/50 area, and below here, 92.00 and 91.70/80 (Jul 8 and 13 low).
According to Peter Rosentreich, technical analyst at ACM - Advanced Currency Markets, the Dollar remains pointing southwards while below 93.50: A second touch on the 3 week downtrend yesterday afternoon was met with renewed pressure as the US equity market started to see some unwinding of long positions. The trend line has moved slightly lower from 93.37 down to 93.00/10 so expect more shorting there. The last of the uptrends now comes in slightly below at 92.30/40 but a clearance of 93.50 would be needed to negate the downtrend.