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Forex: USD/JPY capped by 95.00 level

FXstreet.com (Barcelona) - The USD/JPY has rebounded nicely off its intraday lows of 94.20, incurred during European trading Friday. Since then, the pair has moved higher, paring its losses, however an attempt to break higher stalled at the 95.00 barrier. In these moments, the cross is once again moving lower to settle at 94.88/90.

According to Research Analyst Mark De La Paz at FX Instructor, “The recent movement in the hourly charts is a confirmation of the overall bearish trend for the USD/JPY. With moderate resistance at 94.36, we consider shorts at market given the high credibility bearish pattern with a stop loss above it.”

The USD/JPY is presently sustaining a tepid fall of -0.09% on the day thus far. Consistent with the calculations of De La Paz, the pair will face calculated short-term support at 93.67 then 92.80. Resistance lies at 93.36, onto 95.23, then 95.91.

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