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USD/JPY Slides Toward 91.00

USD/JPY fell through bids at 91.20 as Bernanke offers no hint that he’s in any hurry to taper asset purchases.

There is strong demand at 90.05/00 with stops below. More demand, albeit smaller, is seen ahead of yesterday’s low of 90.86 and extending down to 90.75.

Looking at the entirety of the USD/JPY move since mid-November, it has been long overdue for a correction. It appears to be breaking out to the upside after the appointment of Kuroda but there has been a massive reversal. From a purely technical perspective, you have to be wary of correction toward 90.00/88.00.

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