FXstreet.com (Barcelona) - The Yen seems to be losing strength at the European session opening times, USD/JPY has bounced at 97.15 support level and advances at levels around 97.70 with resistance area at 98.00 on sight.

In case of successful move above 98.00, the Dollar might find resistance at 98.45 (Apr 23 high) and above here 98.98 (Apr 21 high). On the downside, next support level stands at 97.15, and below there, 96.60 and 96.20.

Nicole Elliott, senior technical analyst at Mizuho Corporate Bank, expects prices trading between 96.00 and 99.00 for quite a long time: Bouncing smartly from the top of the Ichimoku 'cloud' and will probably hold above here again today. Moving averages suggest a short so conflicting messages and we may end up trading between 96.00 and 99.00 for longer than we had originally thought.

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