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Forex: USD/JPY kept below 95.00, sellers dominant s/t

FXstreet.com (Barcelona) - After the down-gap close last Monday, the USD/JPY saw pressure intensify at the 95.70 high, leading to a retracement which accelerated as low as 94.70 once the Cyprus no vote on the bank levy was confirmed.

Ever since, the pair made a half-hearted attempt to regain 95.00, but looks like selling is still dominant short-term, as price dipped to 94.80 through a very quiet Asian session, with the Japanese market closed for holiday.

Hopefully, Hong Kong players - session underway - will bring some additional action to the pair. Note supply areas ahead are faced at the 95.00 handle, followed by 95.15/20 as per Asian peak and the key 95.30/36 as per March 19 pre-selloff consolidation.

Technically, according to Valeria Bednarik, chief analyst at FXstreet.com: "The hourly chart shows price below moving averages, and indicators in negative territory. Bigger time frames maintain a neutral stance, with risk of further and stronger slides below 94.20, pretty far away for current session."

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