FXstreet.com (Barcelona) - After falling around 100 pips from 99.14 to 98.15, the USD/JPY has found support at this level and it has begun to rise above 98.50. Currently, the pair is trading around 98.45/55 after falling 0.50% from the 99.02 today's opening price.

Yesterday, USD/JPY falls 1.34% from the 100.34 opening price, reaching 100.43 as maximum and 98.73 as minimum, to close the day at 99.00.

Nicole Elliot, Analyst at Mizuho Corporate Bank, says: Retreating by a bit more than we had allowed for, but nevertheless we continue to feel prices ought to form an interim low point imminently. Bullish momentum has evaporated completely and the US dollar is no longer overbought.

Elliot provides us with her strategy: Attempt small longs at 98.45; stop below 97.50. First target 99.15/99.50, then 100.00.

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