FXstreet.com (Barcelona) - The Yen has strengthened across the board after weaker than expected NFP data, and the USD/JPY broke below 89.00 level and trades right at 88.65 support area at the moment of writing.

The Yen has entered overbought territory on hourly charts, and support levels below 88.65 lie at 88.20 (Sept 28 low) and then 87.80 (May 95 high) and 87.00 (Dec 17/ Jan 21 lows). On the upside resistance levels could be at 89.20, previous session low, and above here, 89.70 and 90.20.

According to Valeria Bednarik, collaborator at FXstreet.com, below 88.90, a retest of 88.20 week low is likely: Under 88.90, pair could retest weekly low of 88.20; if the last gives up, 87.15, yearly low, is next strong support in line.

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