USD/JPY 94.40 was yesterday's target, and the pair hit it and has retreated. This is an important level. A move back below 93.50 would indicate the move was a bull trap and that the pair is likely to head back lower.

IF the pair does drop to 93.50 or below, 94 should hold as resistance on bounces. Further resistance is at 94.40. 94.80 should also act as a stall to rises if in fact the pair does turn higher.

Support is 93.60 and 93.20. A break blow is likely to test former swing lows in the 92.80 region.

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