Forex: USD/JPY picks up momentum, nears 93.00

The US dollar has moved a tad higher versus the yen during the American afternoon as risk appetite improved with stocks pick up pace in Wall Street. USD/JPY received a boost and has climbed over 50 pips within the last minutes to print a new high for the day at 92.85.

At time of writing, USD/JPY is trading around 92.80, where it records a 0.6% gain on the day. If the pair manages to extend gains, next resistances are seen at 93.00 (psychological level/200-hour SMA) and 93.50(Feb 22 high). On the other hand, supports could be found at 92.00 (psychological level/intraday low), 91.33 (Feb 27 low) and 91.00 (psychological level).