USD/JPY Breakout Confirmed.

Yesterday the pair rallied to retest the old support levels. These levels, now resistance levels, held off USD buyers and the rate fell to new short-term lows. This confirms the break downwards and put the bias down once again.

Rallies can still occur with resistance at 97.00 and 97.30. A move higher than this today is unexpected unless news out of the US at 1230 GMT comes in with a big surprise.

Mild support is at 96.40 and 96.20. 96.00 and 95.60 offer more solid support.

Forex Analysis by Dr. Sivaraman at ForexPros.com. For more details about Forex Trading and Tips for decent earnings through Forex Trading, Please check forexpros.com