Forex: USD/JPY testing the 95.00 level

FXstreet.com (Barcelona) - The USD/JPY has edged lower Tuesday, paring its gains to fall into negative territory during US trading. Having topped out at 95.75 (session high) during overnight trading, the pair has been in gradual decline all day, now operating at the 95.07/08 level and bolstered by support.

Slobodan Drvenica, an analyst at Windsor Brokers Ltd., isolates the next supports at 95.00, ahead of 94.80, and finally the 94.59 level. Conversely, a movement higher will result in the USD/JPY meeting resistance at 95.75, then the 96.00 barrier, and finally 96.24.

“Improved hourly studies now see more potential towards the upside, with a retest of levels above the 96.00 handle ultimately required to signal a break and open way for a retest of the 96.70 peak.” notes Drvenica.