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Forex: USD/JPY recovers but remains below 95.00

FXstreet.com (Córdoba) - The yen opened the week slightly lower across the board as negotiations continue between Cyprus leaders and European authorities. The USD/JPY currently is trading around 94.70, more than 20 pips above Friday's closing price. Markets opened relatively calm despite the lack of resolution on Europe regarding Cyprus.

On Friday the USD/JPY posted the lowest daily close since March 7 ending barely above 94.40, after bottoming at 94.18. At the beginning of the Asian session the US Dollar is recovering ground but remains below 95.00. To the downside support levels lie at 94.20, 94.00 and 93.75 (high Mar 03) and to the upside resistance is located at 95.00, 95.20 and 95.60.

The yen is the worst performer so far on Monday among major currencies.

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