USD/JPY is ready

The price of 90.57 low proved to hold the USD/JPY against a stronger downside, resulting in a bouncing movement that is currently approaching the 91.00 handle. The market is still down on the day, by -0.30%. 

It's been a quiet European morning overall, with headlines about Cyprus and the OMT programme drawing most attention. The German Finance Ministry said Cyprus must be systemically relevant to get aid from the Troika. ECB's Coene said that, ideally, the OMT programme would never be used. He added that there is no currency war. 

“A local high has been set at 91.24 and the pair entered a consolidation phase, for a retest of 90.10-20 break-out area”, wrote Deltastock.com analyst Stoyan Mihaylov, pointing to a negative intraday bias, for a slide towards 90.10 and initial resistance on the upside is 90.85.

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