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Forex: USD/JPY at 94.50 while officials talk about Cyprus

FXstreet.com (Barcelona) - The USD/JPY extended its downside to 94.20 low as the European session opened and the IFO March survey showed disappointing figures in Germany. The pair has been able to bounce back to 94.50 while investors are kept on their toes in regard to Cyprus.

Despite recent reports saying Russia rejected loaning to Cyprus, Russian PM Medvedev said he didn’t close the door on aid to the country, according to Bloomberg. Most recent headlines show EU’s Barroso pointing to unanimous decisions by the Eurogroup toward Cyprus, that the country is burdened by the size of its banking system but that a solution can be found.

“Yesterday's slide from 96.10 high broke through 95.17 dynamic support and the outlook here remains bearish, for another wave downwards, to 93.65”, wrote Deltastock.com analyst Stoyan Mihaylov, point-ing to initial intraday resistance projected at 95.10.

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