FXstreet.com (Barcelona) - After the 4 days rally from the 95.64 (three weeks low) to the 98.97 (intraweek high) the USD/JPY is testing again the 99.00 resistance, but it is seen too strong to the pair to break the 98.95/99.00 level.
Since Feb 25, the USD/JPY has been traded between the 96.80 and 99.00 flat channel, but the last four days the USD/JPY has risen 333 to post new intraweek high at 98.97. Currently, the pair is trading around the 98.65/85 in a new attempt to break this important level.
If the pair could breaks the 99.00 resistant, the USD could find resistance at 99.25 (Mar 9 high) and above there, 99.67 (Mar 5 high). once above there, the pair would be at 4-month high heading towards 100,50 Nov 4 high and 101.80.
According to Valeria Bednarik, FXstreet.com Collaborator, the USD/JPY is slightly bullish but the market is flat: Some upside movements in the pair, after breaking the 98.60 zone, still contained under 99.00. Slightly bullish, indicators remain flat at the moment and with low volume, and the pair needs to gain