FXstreet.com (Barcelona) - Along today's session, the USD/JPY has risen around 1.14%, from 97.42 opening price, to reach a fresh intra-week high at 98.66. Currently, the pair is trading around 98.45/55.
Since the beginning of the European session, the pair has been traden in a small range of 98.20/50, last hour USD/JPY has risen to test the 98.65 resistance.
According to Valeria Bednarik, USD/JPY is in uptrend movement: USD/JPY continues pushing higher and giving signals for further gains in 4 hours charts. The pair has an important congestion zone around 98.70/85, formed both by maximums and a descendant trend line, yet indicators point for further upside continuation, with momentum and CCI cutting their medium lines and still strong. A confirmation above the mentioned level, could send the pair to test this year high at 99.67, followed by 100.00 key level, and above 100.60, stronger resistance that should contain the pair in the first attempt. Failure to break above mentioned 98.70/85 zone, could send the pair back to the downside, although losses should be limited. Supports lie at 98.10, 97.70 zone and 97.38.