FXstreet.com (Barcelona) - USD/JPY bounce at 95.00 has extended to levels above Tuesday's low at 95.75 and broke, on early U.S. session, above intra-day high at 96.10 to reach another high at 96.20.

Initial resistance lies at 96.70, and above here, 97.25 and 97.80 (Aug 7 high). On the downside, support levels are 95.75 (Aug 11 low) and below there, intra-day low at 95.10 and 94.35 (Aug 4 low).

According to Valeria Bednarik, collaborator at FXstreet.com, the pair trades around a key resistance area at 96.16: Nice come back from 95.12, the pair is approaching to the 38.2% of the last down leg, at 96.16, first resistance to consider ahead of 96.35 and 96.70 area. Indicators are slightly bullish in the hourly but firmer in bigger time frames, suggesting more upside continuation once the Fibo level is cleared.