FXstreet.com (Barcelona) - The USD JPY has reacted upwards to the release of U.S. CPI, fears of deflation have vanished and the USD has jumped above minor resistance at 94.20.

At the moment, the pair is on its way to Feb 19 high at 94.45/50 area, and success on breaking that support could increase buying pressure towards Jan 6 high at 94.64. On the downside, the USD could return below 94.20 to test 94.00 support and beyond there 93.55.

On a longer term, the pair looks firm on its bullish pace, according to Valeria Bednarik, collaborator at FXstreet.com: Moving inside an ascendant channel and quoting around 94.10, the pair consider resistances at 94.45/63. Above it we have as yesterday, 94.90 that could extend to 95.10 a tough congestion zone. Supports will be at 93.60 zone, 93.10 and finally 92.48.