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Forex: USD/JPY slams through 92.20 key support

USD/JPY is currently testing the breaking point and key previous support at 92.20, bouncing from fresh Feb lows at 90.84, following the great sell-off the pair suffered when Italian election results started to be released in early NY session. USD/JPY printed a fresh 34-month high in early Asia-Pacific yesterday to start the week off on headlines of the new BoJ head to be elected soon, being most probably candidate Kudora, one of most dovish contenders.

According to Valeria Bednarik, Chief Analyst at Fxstreet.com: “The hourly chart shows indicators aiming for an upward corrective movement, heading slightly higher from extreme oversold readings, although some stability above 92.20 is required to see price correcting higher,” the analyst notes, adding: “In the 4 hours chart, there’s a strong bearish tone persisting, although current candle opened above 200 SMA, around 91.50 and immediate support: renewed selling pressure below this last should lead to a bearish continuation with key 90.00 level then at sight,” she concludes.

Valeria finds support levels at: 91.80, 91.40 and 91.00, while resistance levels at: 92.20, 92.70 and 93.10.

Quick facts from Monday, like 38 calendar days of gains in the S&P500 gone...

It has been a trading day like no other this year, and that will be remembered for quite some time as a wave of selling hysteria hit the Euro, but most importantly all Yen crosses.
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Forex: EUR/JPY pulling back the 121.00 handle

EUR/JPY is pulling back last at 121.04 the channel base broken down around the 122 handle following Italian election results, off fresh 1-month lows at 118.73. The bounce comes on the back of mostly Yen weakness, as Euro is still stable around near session and 1-month lows 1.3072 last, knowing now that quite possibly there's need of another voting in Italy before year ends, given highly mixed results, which could difficult forming a government.
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