FXstreet.com (Buenos Aires) - After hitting an intraday low of 95.12, USD/JPY is approaching to 96.00 zone. Quoting above the 23.6% retracement of the last down leg from 97.78 to 95.12, pair will find first resistance at 96.16, 38.2% of the mentioned rally. Once above, 96.40 and 96.70 are next resistances zones to consider.
The recovery in the pair was favored by European stocks advance, after some companies report better than estimated earnings; after the decline in Asian shares that drag U.S. futures down, American indexes recover and hover around yesterday’s close. Japanese Yen has been highly correlated particularly with S&P since early June.
Supports for the pair today, lie at 95.50 zone, followed by today’s low, the mentioned 95.10 area. If broken, downside momentum could accelerate and send the pair to retest the 94.20/50 zone.
