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Forex: USD/JPY tests 96.00 after last week's ride to the upside

After being sent to 2008 levels on Friday, on stronger US NFP data and improving risk sentiment in the Eurozone, the USD/JPY hit its high at 96.56. Since then, the market is consolidating its position and as European money gets in, the 96.00 mark is being tested.

In Japan, machinery orders fell -13.1% in January, much worse than consensus of -2%. Annualized data eased from -3.4% to -9.7%. Money supply rose from 2.7% to 2.9% in February (YoY).

“We have seen closes through the March 2008 spike low at 95.77 and the TD resistance at 95.62. This introduces scope to 99.70 (50% retracement of the 2007 to 2011 drop) and then 101.40/67 (the 2000 and 2005 lows)”, wrote Commerzbank analyst Karen Jones, pointing to possible retracement to 95.10 and 94.40 ahead of further gains.

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