FXstreet.com (Barcelona) - After it falls around 70 pips from the 98.65, today's high, to the 97.98 in the early American session, the USD/JPY is testing the 98.00 support level again.
The USD/JPY has been moving in a flat channel between the 97.90 and the 98.60 since last Friday. Currently, the pair is trading above 98.00 level, between the 98.10/30 band.
If the USD/JPY could break the 98.00, the pair will go toward 97.50 support and 97.11, March 13 low. On the upside, if the pair could be above the 98.00 level, it will go up to the 98.65 before to try to break the 99.00 resistance.
According to Valeria Bednarik, FXstreet.com Collaborator, the USD/JPY should break 98.65 if it want to post more upside bias: The pair remains quite sideways between 98.00 and 98.60, with low volume and flat indicators. Also 20 SMA and 200 EMA are quite flat, yet they should contain the downside for today. Despite range, pair is tending bullish is bigger charts. Clear break above 98.65 is needed to see more upside bias.