Support is at 1.4040 and 1.400. A bounce is likely off these levels, but there is further support at 1.3950 and 1.3900.

Resistance is likely in the 1.4160 area and beyond that 1.4200. 1.4250 should hold, if needed through today's sessions.

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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.

Analysis by: http://www.Forexpros.com - Written by Cory Mitchell

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