FXstreet.com (Barcelona) - The USD/JPY looks to be rallying unconstrained, the pair has continued growing during Thursday's Asian session, from session lows of about 97.30, the Dollar has climbed up to a maximum of 97.98, and at the moment the pair seems to be hovering below 98.00 resistance area.
The Dollar is well overbought although the momentum remains strongly bullish. Resistance levels are at 98.00, 98.70 and 99.00. Support levels remain at 97.00, 96.40 and 96.00.
According to Nicole Elliott, senior technical analyst at Mizuho Corporate Bank, the Dollar has reached a point freom which further rally looks somewhat harder: The US dollar is very overbought but bullish momentum is stronger than it has been since 2001. Having got to our target at 98.00 (near enough) further gains are possible but are likely to be increasingly difficult and hard-won.