FXstreet.com (Barcelona) - The Dollar continues climbing against the Yen and getting back losses of the last weeks; recovery reaches already 98.50 resistance level ; 50% Fibonacci retracement of April 6 to 28 decline.
According to Greg Holden, Technical analyst at Forex Yard, the improvement of the global economic situation is weighing on the Yen: Thus the most safe-haven currency as of late plummeted as a result of both improvements in Japan and America's economy. The JPY also slid against the EUR, dropping a massive 210 pips to finish the day's trading at 129.90. The Pound also made inroads into the JPY as the confidence of the U.S. equity markets swept Europe.
Above 98.50, next resistance level could come at 98.90 (Apr 21 high) and 99.40/50 . On the downside, support levels stand at 98.00 and below there 97.15 intra-day low and 96.45/55.
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