Forex: USD/JPY touching below 90.50

FXstreet.com (Barcelona) - The market closed lower yesterday, but right after printing its low at 90.41 by the end of the trading day, the USDJPY rallied back to the 91.00 handle for a test during the Asian shift. Resistance there pulled the pair, eventually down to 90.50 (-0.39%), where it found support. At the moment of writing, the market is extending attempting at extending losses below such support.

Price action today has been relatively quiet. The calm ahead of the storm, as the US has plenty on the economic calendar for this week. Japan will also provide data for digestion, including industrial production and vehicle sales.

"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, while initial resistance on the upside is 90.99.