Forex: USD/JPY bounces back to 96.00 ground

Downside pressure during the European morning showed the way below the 96.00 level and allowed a low at 95.64 only to suffer a pullback towards the 96.00 ground again, where it trades as of writing.

February business optimism rose from 88.9 to 90.8 in February, but market consensus was aiming at 91.3, which means a disappointing result according to NFIB data.

“My intraday outlook is negative, as I expect a beak through 96.00 to trigger a slide towards 95.07”, wrote Deltastock.com analyst Stoyan Mihaylov, pointing to a positive bias on the senior frames above 94.50-70 support area, for a rise towards 97.60.