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Forex: USD/JPY retraces yesterday’s losses

FXstreet.com (Barcelona) - The USD/JPY is trading around 95.40 (+0.25% on the day), pushing higher on Wednesday and fully retracing yesterday’s losses. The pair has its weekly high at 95.75, printed yesterday, and the 96.72 March-11 high remains the price to beat.

In the week ending at March 15, mortgage applications fell 7.1%, following a -4.7% drop in the week before. Germany sold 10-year bonds at today’s auction and saw its average yield falling 1.66% to 1.36%.

The whole rebound after 94.15 low seems corrective in nature, so while 95.60 resistance holds, my outlook here will be negative, for a slide towards 94.20. Initial minor intraday support is projected at 95.17.

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