FXstreet.com (Barcelona) - USD/JPY has dropped more than 250 pips after the Fed's plan was released dropping from right above 98.00 to a bottom at 95.27, a fresh three-week low, to edge up later towards 95.66 resistance level (Mar 12 low).

The Dollar is oversold in the hourly and 4 hour chart. And the pair is trying to pick up, although lacking strength to rise above Mar 12 low at 95.66. Once above there, Mar 6 low at 96.55 would come into focus, and swinging over there, buying pressure could increase to drive the pair back towards 97.15.

On the downside, failure to hold above 95.24 could drive the pair down to 94.95 (23 Feb high), and below there, a level which seems quite strong at 9464 (Jan 6 high). Below there, 24 Feb low at 94 26 would come into focus.