FXstreet.com (Barcelona) - USD/JPY has fallen 0.64% to break the 98.80 support level and reach the 98.58 level, intraday low. Since the Asian session beginning the pair has decreased around 75 pips from the 99.52 to 98.58. Currently, the pair is trading around 98.55/65, 0.71% decline on the day.

Yesterday USD/JPY rose 0.27% from the opening price at 99.02, reaching 99.66 as maximun and 99.27 as minimum, to close at 99.27.

Nicole Elliot, Mizuho Corporate Bank analyst, says: Comment: Yesterday's small 'hammer' against first retracement support hints that we may have formed an interim high. If not today then hopefully by Friday a close above the 9-day moving average at 99.79 might add to bullish momentum. Note also that the lagging Chikou Span currently has support from the candles between 99.00 and 98.00.

Elliot advices us with her strategy: Attempt longs at 98.85; stop below 98.00. First target 99.70, then 100.70.

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