FXstreet.com (Barcelona) - USD/JPY has rallied about 100 pips on early European session breaking resistance at 898.70 but the bulls seem to have lost strength and 99.50 seems a rather strong level to take.

The Dollar has been moving on a range between 9930 and 9945 for moss of the European trading hours, and session high remains at 99.48. On the way up, next resistance levels are at 99.70 (Oct 28 high) and then the 100.00 resistance level, once above 100.00 the next resistance level could be Nov 4 high at 100.60.

Nevertheless, we should bear in mind the oversold condition of the Dollar which, could well start a correction move towards 98.70 first, and if that level gives the pair could reach 98.00. Beñlow there 97.00 level would be exposed.