Forex: USD/JPY bounced from 78.16 low

FXstreet.com (Barcelona) - The American opening sent the USDJPY down to 78.16 low as worries regarding China and global economic slowdown put more unwanted (by the BoJ) buying pressure in the Japanese Yen. US debt yields also drop under the current environment.

The pair is currently bouncing, at 78.25 area, but knowing the pair is in decline since mid-Asian session, from above 78.60, there is risk for further downside. The current low supported the USDJPY on Tuesday.

"The intraday bias is negative with an initial resistance at 78.51, but due to the overall ranging mode, a reversal should be expected later today, for another test and eventually a break through 78.75 resistance area", wrote Deltastock.com analyst Stoyan Mihaylov.