Fxstreet.com (Barcelona) - After finding support at 96.70 from 97.20 after the GDP 1Q data releases, the USD/JPY has risen around 30 pips from 96.68 to test the 97.00 level. Currently the pair is trading around 96.90/97.00.
According to Valeria Bednarik, FXstreet.com collaborator, USD/JPY is inside a upside correction: Upside correction starting yesterday reached the 97.16 high, where the pair filled past Sunday opening gap, and the pair retrieved a bit, still above the 20 SMA in the hourly. Indicators point for further losses yet not giving clear signals. Bigger time frames remain to the upside, thus the pair needs to clear previous high and then the 97.50 zone, where we have a long term descendant trend line, to confirm further upside.
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