Forex: USD/JPY backs away from highs, still rangebound

The dollar edged lower against the yen at the beginning of the New York session, pulling back from a 1-week high, despite the ISM New York index came in better than expected for February.

However, USD/JPY remains well within its intraday range, lacking momentum either side of the board. At time of writing, USD/JPY is quoting around 93.35, 0.3% below its opening price.

From a technical view, Valeria Bednarik, chief analyst at FXstreet.com thinks that the 93.20/93.80 range will likely persist over current American session, with the upside seem limited as long as price stands below the 94.10 area. Bednarik locates immediate support levels at 93.20, 92.70 92.40 while she sees resistances at 93.80, 94.10 and 94.50.