Forex: USD/JPY ends at 3-day low; evidence of top below 92.00 (Barcelona) - After the steady bull trend from the mid 77s, with a temporary top at 94.00, the USD/JPY continued to show inability to counter-attack intraday selling pressure this Thursday.

A last hour 20 pips drop on prices into a new 3-day low at 92.66 is perhaps a good reflection of the fading sentiment toward the pair, which ends the NY session posting a third consecutive day of losses, a 3-day correction sequence observed only once before - from Jan 21 to 23 - since the onset of the rally in mid November.

From a daily perspective, we can see how USD/JPY has established in a 200`pips range between 94.36 and 92.00, thus there is still no evidence to call for a top in the pair, still a dangerous proposition after such a resilient rise since mid Nov last year.

As Fan Yang, CMT, chief analyst at FXTimes notes, "a break below 92.00 might be needed to convince the market there is a top in USD/JPY, and usher in some significant bearish correction that the USD/JPY has not had in its sharp bullish trend..."

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.