USD/JPY Climbs to the Psychological 95 Level

The USD/JPY has battled back above our 1st tier uptrend line, and is trading just below our 2nd tier downtrend line as the trend lines approach their inflection point. The USD/JPY’s rise is impressive considering the large declines taking place in gold and the EUR/USD. Investors are paying more attention to the worse than expected retail sales from Japan late Tuesday coupled with relative stability in the S&P futures.