USD/JPY extend loses and print a fresh intraday low of 94.80 and holds under 95.00. Clearly bearish, 4 hours indicators are showing signs of exhaustion, thus sentiment could send the pair to retest the 94.50 area before some upside correction. If this last don’t hold, next support lies at 94.20. Above 95.00, resistance will be at 95.25 area ahead of stronger 95.50/60 zone.
As the pair is highly correlated with U.S. yields, falling yields are keeping the pair under pressure. If U.S. CPI shows a weak number, pair will continue falling.
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