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Forex Flash: USD/JPY would remain bullish while above 93.30 – Commerzbank

FXstreet.com (Barcelona) - The Japanese yen is appreciating against the US dollar on Tuesday, as increasing risk-off mode in the markets continue to intensify investors’ preference for safer assets. The uncertainty surrounding Cyprus is acting as the main trigger of the sell-off in risk-associated assets, intensifying the inflows into the safe havens.

“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. While trading above five month uptrend line, the medium term bullish bias remains in play”, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Forex: USD/JPY cannot stabilize over 95.00 level on risk

The USD/JPY was toppled towards its session lows of 94.72 Tuesday during American trading, as investors flock to the safety of the JPY in droves. With risk aversion having fully gripped the markets today, the pair has found itself in freefall, relinquishing its hold on the 95.00 level. In these moments, the pair has found itself trading at 94.88/90, still -0.40% off its opening as lingering concerns over Cyprus continue to weigh.
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The euro remained muted after the Cypriot Parliament officially rejected the bank-deposit tax by 36 votes against and 19 abstentions. There were no votes in favour of the deposit levy...
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