FXstreet.com (Barcelona) - The Yen has strengthened slowly but steadily during the last two weeks; after having peaked at 101.45 on April the 6th, the Yen has dropped to 96.50 low on Monday, the lowest level since Mar 30, showing that 101.45 will remain unbroken for a while, according to Nicole Elliott, senior technical advisor at Mizuho Corporate Bank, at least two months.

According to Nicole Elliott the Dollar is trading under bearish pressure, as the cross on moving averages indicates: Re-testing Friday's low, the 61% Fibonacci retracement and the 9 and 26-day moving averages have crossed to a sell. We have adjusted our view and now see April's high at 101.45 as an interim top so that prices are likely to hold below here for another couple of months or so.

In the medium term, Elliott foresees the Dollar weakening further: The next step should be a bout of generalised US dollar weakness so that dollar/Yen drops towards 93.50.

For more information, read our latest forex news.