FXstreet.com (Barcelona) - The USD/JPY failure at 88.38 high, around last Friday's highs, triggered a back move to the downside that sent the price down to 87.63 ahead of the European opening, after losing the 88.00 handle. Then, the market went for a bouncing movement that found resistance around 87.90.

It's being reported that Japanese business lobby head Yonekura expects the USD/JPY to range at 75.00/90.00 and accepts the current 88.00 price. Japan Finance Minister Aso made clear that the government doesn't have to include an accord with the BoJ. Bloomberg had reported an estimation of  ¥10Trillion in regard to the size of the Fiscal 2012 Suplementary Budget, but Japan newspaper Yomiuri takes it further, ¥12/13Trillion.

"USD/JPY's overextended rise is testing an hourly support at 87.60 after failing to make a new high. A break would open the way for a deeper correction towards the support at 86.53 (01/01/2013 low)", wrote MIG Bank analyst Bijoy Kar, pointing to resistance at 88.41 (04/01/2013 high).