USD/JPY is rebounding below key resistance at 95.3
The USD/JPY rose initially on Monday to find resistance at the 95.00 area, forming a shooting star, which is a quite bearish sign. At 95.02 at the time of writing, the market is trying to push higher but the bulls seem unable to collect enough momentum to pull the market higher. The market looks susceptible to selling pressure at the moment and we expect that to continue until either the Fed or the Bank of Japan get involved. A break below 94.25 would open the door for the key support level at 93.75. In the alternative scenario, we will have to see a consistent break above 96.5, before the market can continue its grind higher form a long term perspective.
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