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Forex: USD/JPY finds support at 94.00

FXstreet.com (Barcelona) - Another walk by the 94.00 handle was seen today, during the Asian session, before bouncing to 94.15/25 area. The USD/JPY still trades lower on the day after the drop from 94.45 area on an unflavored speech from BoJ Governor Kuroda before the upper house of the Japanese parliament today and Japan’s worse annualized retail trade than expected (-2.3% vs -1.8% consensus), while monthly data rose 1.3% (consensus of 0.5%).

The market may move in a risk-on/off basis today as Cypriot banks get ready for a scheduled re-opening (and the imposition of capital controls) and PD’s Bersani will report back to President Napolitano as to whether he has been successful in forming a government.

UBS analysts are bullish: “There is a major support at 93.11. While this holds, there is potential for resuming upside”, wrote analyst Bijoy Kar, pointing to initial resistance at 95.12, and a break above to open 96.71.

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