After testing the 96.10 resistance during Friday's trading session, USD/JPy has fallen quickly since the early Asian session, around 100 pips from 96.10 to post 95.14 in the early European session. Currently the pair is trading around 95.15/25, 0.90% below today's opening price action
Rajoo C, analyst at Precise Trader, comments: "USDJPY closed @ 9605 which was marginally above the open. Today is the first trading day after the US Holiday and the Non Farm Payroll on last Thursday. The Hourly Oscillators are bearish and price is below the MA, so the bulls must be Sidelined. Hourly Trend is Sideways Down and Daily Trend is Sideways, so expect the price make lower lows towards 9485 level. While the Equities are weak expect this market to come down. The patterns are pointing lower and any pull back while 9630 level holds would be a good shorting opportunity for a fast trade. We prefer to look to Short Cautiously while 9630 level holds or strictly trade only at our levels."
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