Forex: USD/JPY breaks through support to trade at 93.86/87

The yen has been the conversation of late amidst conflicting reports surrounding the meaning of the G7 statement earlier today. The USD/JPY plunged nearly 60 pips earlier today during the onset of American trading before rebounding around the 93.70 mark, crashing through support. In recent minutes however, the pair has rebounded slightly and now resides at 93.86/87, down -0.47% on the day.

After breaking below the 94.05 support, the Technical Analyst Team at ICN.com calculates the next means of correction at 93.60, 93.30, and finally 93.05. On the ascension, the USD/JPY will ultimately encounter resistances at 94.40, up towards 94.85, and the 95.00 barrier.

According to the ICN.com Analyst Team, “Trading is biased positively and is now stable above the linear regression indicators 34 and 55. However, stability above the referred to levels forces us to hold on to our positive expectations for the rest of the day, indicating the possible extension of the upside move reaching 95.50 levels.”