FXstreet.com (Barcelona) - USD/JPY has continued consolidating during the Asian session after yesterday's break of 98.00 resistance level, at the moment the USD is trying to break what seems long term resistance level at 98.60/75 area.

The 98.60/75 area seem at hand for the Dollar but the USD is overbought and according to Nicole Elliott, senior technical analyst at Mizuho Corporate Bank, there are not big chances for a sharp rally: Nudging up cautiously to February's high and retracement resistance around 99.00. The chance of a brief blip above here remains, possibly with more stops being triggered, but note that the US dollar is already overbought.