FXstreet.com (Barcelona) - USD/JPY has fallen around 40 pips from 99.10, intra-day high, to test the 98.65 level in the American session, currently the pair is trading around 98.70/80, 0.05% down from today's opening price.
According to Valeria Bednarik, FXstreet.com collaborator, pair is in consolidation mode: Pair is fighting with the tough zone between 99.85 (descendant trend line) and 99.00 maximums and minimums congestion zone, slowly regaining the upside, yet mostly in consolidation mode. Clear break above 99.00/99.10 needs to be seen to see the pair gain bullish momentum, while under 98.45 the downside is exposed again, yet limited by the base of the descendant channel projected around 97.60, not seen today. Support levels: 98.45 98.10 97.60. Resistance levels: 99.00 99.28 99.60.
For more information, read our latest forex news.