FXstreet.com (Barcelona) - The USD/JPY has experienced the expected correction move and has dropped about 200 pips during the Asian session. After another rejection from the 99.50 resistance level, the Dollar has dropped below 98.00 and advanced downward towards 97.00 support (Feb 27 and Mar 1 low).
Below 97.00, next support level comes at 96.35, once below here the Dollar would have 94.90 support level on sight. On the upside, first resistance line comes at 97.75, above here 98.50 (Feb 26 high) and above here 98.90.
According to Per-Erik Karlsson, technical analyst at Avantage Financial GMBH, the USD/JPY upward trend remains intact: Bullish momentum intact above the interim risings support at 96.15 today. Have minor support at that former overhead resistance coming in at 97.00 today. Next target is now 100.54 level. The correlation between stock prices and JPY is totally gone and seems to be more focus on the struggling Japanese economy over the last few weeks, but for how long will this correlation be absent?.