FXstreet.com (Barcelona) - The USD/JPY has gained about 70 pips from 98.00, in the US session, reaching 98.73, fresh intra-week high. Currently, the pair is trading above the 98.50 level.
After the dropping from 98.53 the Dollar found support at 98.00 against the JPY. The USD/JPY has risen 0.87% today's session from the opening price at 97.65.
According to Valeria Bednarik, FXstreet.com collaborator, the USD/JPY continues trending higher: The pair continues pushing higher, but the rally was halted by the strong zone around 98.50, where we have previous daily highs and a 4 hours descendant trend line. CCI remains bullish, while 20 SMA is slowly turning to the upside. 200 EMA remains flat. Maximum zone has formed a double roof with previous march 24th high. Neck lays around 97.10. As long as the pair remains between these two key levels, 98.50/97.10, consider sideways movements. Break of any will trigger more descent rallies. Keep in mind upside bias is favored in the pair.