Forex: USD/JPY slips below 95.00

FXstreet.com (Barcelona) - With Nikkei and US futures in the red, while local share markets already open for the week in the Asia-Pacific also showing loses, Australian ASX -1.36%, Oil at session lows almost -1$ off previous weekly close Friday, and Gold above the $1.6k level near session/3-week highs, USD/JPY is last at 94.86. The pair is off recent session/7-day lows at 94.05 printed in the interbank premarket open, from previous Friday close above the 95.25, following Cyprus bail-out news coming from the EU.

As Valeria Bednarik noted, Chief Analyst at Fxstreet.com: “The USD/JPY reached 94.20 early interbank trading, the 38.2% retracement of its monthly slide from 124.13 to 75.56. The level is no doubts an inflection point for the ruling long term bullish trend, and if renewed selling pressure drives the pair below it, the unwind of buying positions could turn into a nasty move in the pair, with an approach to the 92.00 level then at sight,” the analyst said, adding: “The hourly chart shows however, price standing steady around 94.60/80 area, although unless some stability above 95.20, risk remains to the downside,” she concluded.

Valeria finds support levels at: 94.50, 94.20 and 93.70, while resistance levels: 94.85, 95.20 and 95.50.