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Forex: USD/JPY down, held by 93.35/40

The USD/JPY spiked to 94.03 high on FOMC minutes and key members' lack of consensus on extending US QE. With 93.80 resistance at work, the pair fell during the Asian shift, but has been holding at 93.35/40 since.

Foreign bond investment in Japan improved from ¥-645.5B (Revised from ¥-645.0B) to ¥-620.6B in February, while foreign investment in Japan stocks eased from ¥213.3B to ¥197.9B.

"The market has currently sold off to the base of its 240 minute cloud at 93.17, this is starting to look exposed and failure here will trigger tests of the trend lines", wrote Commerzbank analyst Karen Jones."Overhead we have the 2010 high at 94.99 then the March 2009 spike low at 95.77", she continued.

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