Forex: USD/JPY extends decline, 79.75

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Forex: USD/JPY extends decline, 79.75

FITITOL--> FXstreet.com (Barcelona) - Having failed to hold at 80.00 psychological level, the USD/JPY is falling today back to yesterday’s lows at 79.70/75.

The Japanese Yen is having a lot of demand today while uncertainty reigns these days with a new French President calling for growth in the Eurozone and legislative elections in Greece with thin chances of seeing a government formed.

Industrial Production in Germany has risen much more than expected by 2.8%, more than 0.8% consensus in the monthly basis. February data was revised upwardly, from -1.3% to -0.3%. No particular risk-on mood on that.

"The failure of the recent test at 80.07 signals, that the overall bearish pressure is still intact and I expect a break through 79.63 low to provoke a slide towards 78.30-50 area", wrote Deltastock.com analyst Stoyan Mihaylov, pointing to resistance at 80.07 and 80.60.