FXstreet.com (Barcelona) - After it broke the 98.15 support and fell around 100 pips to the 97.20, the USD/JPY has been rebounded above the 97.50 level to the 97,75. Currently, the pair is trading around the 97.35/55, fighting to be below this level.
The Dollar has dipped further on its retreat from yesterday's high at 98.90, and the pair has broken 97.90 support and it is pointing to the 96,56, monthly minimum.
According to Valeria Bednarik, FXstreet.com Collaborator, the USD/JPY has gained bearish momentum: After finally breaking the base of the daily upside channel, the pair has gained downside momentum, reaching as low as 97.21 before halting the fall. Indicators remain clearly bearish, and under today's low, next support will be at 96.56, current month minimum and key inflection point. First approach to that level, should offer some rebound due to dip buyers, yet clear break under it, will change the pair bias in the longer term, setting a 400 pips target (the height of the broken channel) to the 93.00 zone.