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Forex: USD/JPY held by support at 94.00

FXstreet.com (Barcelona) - Very low volume is allowing pairs to make sudden moves. The USD/JPY has just fell from 94.14 to test support at 94.00, printing a low at 93.95. During the Asian shift, data in Japan was published but no particular movement was observed besides sideways positioning at 94.00/15 range.

Japan’s vehicle production fell further in February, from -9.9% to -15.1%, while construction orders jumped from -3.7% to +16.3%. Housing starts surprised investors by rising 3.0%, from 0.863M to 0.944M, instead of falling by -1.9% as expected.

“USD/JPY traded within this week’s range between 95.00 and 93.50. A break above 95.00 favors the bullish continuation scenario”; wrote FXsreet.com analyst Fan Yang. “A break below 93.50 level extends the consolidation mode, but does not neutralize the longer-term bullish outlook until a break below a rising trendline from November”, he added.

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