FXstreet.com (Barcelona) - After it has been fueled by the risk aversion return, recover almost all the Fridays losses and touch the 99.20 resistance level, the USD/JPY has fallen below the 99.00 level as a resistance rejection.
The USD/JPY rose around 110 pips in the European morning from the 98.10 to the 99.20, intraday high, but was rejected by this resistance has it sa fallen around 50 pips to the 98.65 level in the American session. Currently, the pair is trading around the 98.80/99.00 band.
If the Uptrend continues, the pair will try to break the 99.20 resistance level again and, above there, next resistances will be 99.50/70 band and the psychology level of 100.00. On the downside, if the pair fails to break the 99,00/20 resistances, the 98.50 looks like an important level before to try to break 98.20 support line.
According to the Mataf.net Analyst team, the USD/JPY is in consolidation movement: USD/JPY is in a consolidation after the last bullish movement. USD/JPY is in a range between 97,00 and 100,00. USD JPY moves without trend and swings around exponential moving averages (EMA 50 and 100). The volatility is high. 1H, 4H ForexSto (Modified Stochastic) indicate a bullish pressure on USD/JPY. The price should continue to move in 97,00 / 100,00 range.