FX.co ★ USD/JPY under pressure

Overview:
USD/JPY is to trade in a lower range. Underpinned by positive USD sentiment as U.S. economy appears to be outperforming other major countries, U.S. stocks displayed resilience overnight (S&P erased most of its early-session losses to finish at 1562.85, less than three points from its all-time closing high of 1565.15 set on October 9, 2007); expectations that the Bank of Japan will announce aggressive easing measures at its policy meeting on April 3-4 to help meet 2% inflation target; demand from Japan importers and investment trusts. But USD/JPY gains tempered by a rush to safe-haven JPY and unwinding of JPY funded trades amid decreased risk tolerance (https://ap.instaforex.com/add_artical_en.php?a=edit&aid=14468&p=1IX fear gauge rose 2.98% to 13.15) as the eurozone turmoil continues; lower U.S. Treasury yields; Japan exporter sales; residual Japanese fiscal year-end repatriation flows. The daily chart is still negative-biased as MACD & stochastics are bearish; five-day moving average is below 15-day MA and is declining.
Recommendation:
Sell below 94.5 with downside targets at 93.87 and 93.53.
Support levels:
93.87 (Tuesday's low).
93.53-93.45 band (Monday's low-March 18 low).
92.99-92.92 band (March 6 low-March 5 low).
Alternative scenario:
Buy above 94.5 with upside targets at 94.91 and 95.14.
Resistance levels:
R1 - 94.91-94.97 band (Wednesday's high-Monday's high).
R2 - 95.14 (Friday's high).
R3 - 95.25.