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Forex: USD/JPY testing the 96.00 barrier

FXstreet.com (Barcelona) - The USD/JPY has stumbled slightly Friday, bottoming out at 95.88 region during overnight trading as the pair lost its handle on the 96.00 region. However, in recent minutes the pair has pared some of its losses to once again test this barrier. At this juncture the cross is now incurring a modest loss of -0.09% during European trading.

According to Slobodan Drvenica, an analyst at Windsor Brokers Ltd., “There maintains a neutral tone on near-term studies, which sees further sideways movements likely, while overall bulls are still in play, keeping the focus at the next upside target at 97.00.”

Drvenica calculates the next supports at the 95.67 level, followed by 95.43, and finally the 95.00 barrier. On the upside, a break higher towards the 96.26 resistance will activate additional means of correction at 96.54 and the 96.70 region.

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