Forex: USD/JPY stumbles toward 78.00

FXstreet.com (San Francisco) - USDJPY is little changed after Japan released Sep Bank Lending and August Machinery Orders data this Thursday. Before the release, the pair slipped to a 7-day low near 78.00, stalling just a few pips ahead of a 61.8% Fibonacci retracement level, in spite of talk of intervention from Japan's Prime Minister Noda overnight. The price action comes as sentiment continues to take a hit on global economic worries and uncertainty over Spain's bailout prospects. From a technical perspective, "the hourly chart shows price now trading below both 100 and 200 SMA while indicators head lower below their midlines, pointing for a downside continuation in the short term," says Valeria Bednarik, Chief Analyst at FXstreet.com.