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Forex: USD/JPY tries to hold gains at 95.40

FXstreet.com (Barcelona) - The USD/JPY surged during the Asian morning to 96.75 high only to let part of those gains dissipate throughout the rest of the session, with 95.40 supporting against a full retracement of gains.

Japan’s Leading Economic Index improved from 92.8 (revised from 93.2) in January and Coincident Index eased from 91.9 (revised from 92.3) to 91.6.

“On Monday USD/JPY dropped sharply to 93.45 and thus nearly reached the five month uptrend line at 93.33 before rising again. The uptrend line should continue to offer support this week”, wrote Commerzbank analyst Karen Jones, pointing to a bullish bias towards Friday’s 96.28 high and a longer term target at 99.70 (50% retracement of the 2007 to 2011 drop) and then 101.27/67 (the 1999 and 2005 lows).

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