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Forex: USD/JPY falls below 96.00

The USD/JPY has been in a tailspin since surging overnight towards the 97.00 level. However the free-fall during the European session has taken the pair below 96.00 and in these moments the cross has settled at 95.88/90, down -0.44%.

“Strong bulls remain intact on the USD/JPY, despite the overbought conditions on lower timeframe studies – we look for a test of the psychological barrier at 100 in the near-term, with initial targets standing at 97.00/70 (Aug/July 2009 highs).” Writes Slobodan Drvenica, an analyst at Windsor Brokers Ltd. 

Drvenica points to supports at 95.48, onto 95.25, and finally 94.80. Conversely, the USD/JPY will face resistance at 96.70 ahead of 97.00, and 97.70.

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