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26 Feb 2013
Forex: USD/JPY in session lows around 91.30
The Japanese yen is posting solid gains against its American counterpart on Tuesday, in a context dominated by increasing risk aversion and rising jitters after the Italian elections.
The research team at Wells Fargo bank suggested, “the risk-off tone should continue to be supportive of the yen in the near term as markets ebb and flow with the evolution of the Italian political situation”.
At the moment the pair is down 0.41% at 91.42 facing the next support at 90.85 (low Feb.25) ahead of 90.76 (low Jan.31) and finally 90.34 (low Jan.29).
On the upside, a break above 92.75 (high Feb.26) would expose 92.84 (Tenkan Sen line) and then 93.13 (MA21d).
The research team at Wells Fargo bank suggested, “the risk-off tone should continue to be supportive of the yen in the near term as markets ebb and flow with the evolution of the Italian political situation”.
At the moment the pair is down 0.41% at 91.42 facing the next support at 90.85 (low Feb.25) ahead of 90.76 (low Jan.31) and finally 90.34 (low Jan.29).
On the upside, a break above 92.75 (high Feb.26) would expose 92.84 (Tenkan Sen line) and then 93.13 (MA21d).