USD/JPY retesting 95.00 barrier

FXstreet.com (New York) - The USD/JPY foreign exchange rate fell off the 95.20 handle ahead of US trading, testing the key 95.00 barrier ahead of the FOMC later.

USD/JPY trading above support

At the time of writing, the USD/JPY technical pair is operating at the 95.00 level, down -0.34% Wednesday. Despite the drop, the pair has yet to breach support, which lies at 94.84, followed by 94.19, and 93.73. Alternatively, resistance lies ahead at 95.95, onto 96.41, and 97.06.

USD/JPY cannot escape negative expectations

According to the technical analyst team at ICN.com, “Linear Regression Indicators are positively affecting the USD/JPY; however but we find the pair trading within the overall bearish bias we suggested to manage the downside wave shown on graph. Prolonged stability below 95.50 forces us to hold on to our negative expectations today.”