USD/JPY in free fall testing 96.00

FXstreet.com (Buenos Aires) – Yen advance against the greenback has extended up to 96.03 so far, accumulating loses of over 350 pips from its daily high, and with not much aims to stop. Daily chart shows price testing 100 SMA, first time since mid November 2012, and key support area, as a break below, will expose the pair to a continued fall.

Measuring the bullish run from October 2012 to May 2013, the 38.2% Fibonacci retracement stands at 93.70, next level to keep in mind if the week closes below the 100 DMA. 23.6% retracement of the same rally stands at 97.40, where late sellers may attempt to join the party if somehow the pair corrects to the upside.