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Forex: USD/JPY downside held by 95.67

FXstreet.com (Barcelona) - After the spike low to 95.38 on the US FOMC, the USD/JPY went as high as 96.14 and stalled around there. Giving in to bearish pressure, the pair wasn’t able to hold above the 96.00 mark and fell throughout the Asian session to print a low at 95.67. The market trades at 95.85, as of writing.

BoJ Governor Kuroda will make its first press conference at 09:00 GMT. Japan’s All Industry Activity Index fell -1.4% in January, more than the expected -1.1% drop. The Adjusted merchandise trade deficit widened less than expected, from ¥-737.290B to ¥-1,086.581B, beating consensus of ¥-1,099.400B.

UBS analysts wrote: “Bullish trend persists. Resistance is at 96.71, a break above would open 97.79”, said analyst Gareth Berry, pointing to support at 94.72 ahead of 93.57.

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