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Forex pairs in this Article » USD/JPY (Barcelona) - Having posted an opening high at 89.67, USDJPY has declined throughout the European session to post a low at 89.29.

The pair met resistance at daily Classic S1 at 88.75 before following prevailing risk sentiment lower to S2 support at 88.31, where it is currently trading. Spot has currently pushed below the hourly 20 MA, with the 5 crossing to the downside. RSI is at 52, having ranged around 60 for a period and looks to be moving with some downside bias. A morning of soft economic data from Germany, Italy and the European union has gotten the week off to a damp start, and just shy of the Japanese Government's target of 90, spot is pulling back on risk sentiment. Ahead this afternoon we have a trio of speeches by Fed members Williams, Lockhart and Bernanke at 16:55, 17:40 and 21:00 GMT respectively.
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