USD/JPY: Further downside potential to 95.00
The USD/JPY continued its grind lower on Friday to close right above the 96.00 level. What is interesting here is that it did not clear the bottom of the hammer form Thursday on the daily chart, showing that there is some support at this level. The major support level however in this area sits at 95.00, which could mean that there is further downside potential. At 96.74 at the time of writing, the market kicked started the week on a positive footing, however, unless we see a consistent break above near term resistance at 96.9, we expect the market to test the support level at 95. In the alternative scenario, a break above resistance at 96.9, would open the door for 97.45 and 97.8.
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