USD/JPY formed a minor double bottom on the intraday chart yesterday and that support is now being tested. Look for stops below 95.70/65.

Stocks are opening down slightly and that is the main risk in the remainder of the session. The University of Michigan sentiment data is a secondary risk as well. The Dow has risen 10 days in a row — making it exceeding likely that a fall will be harsh when it comes. Plus, a Friday is always a good day to take profits.

Stronger demand in USD/JPY seen at 95.50.

USD/JPY intraday chart March 15. 2013