FXstreet.com (Barcelona) - USD/JPY has been rejected at its first attempt to break 98.55 resistance level on its rally from 97.13, and falls towards 97.90 support level.

On its decline, if the pair fails to remain above 97.13, next support level comes at 97.90 (Mar 10 low), swinging below there 97.15 support will come into focus, and then 96.55 (Mar 6 low). On the upside, 98.55 should have been broken before testing intra week high at 99.20, above there what seems to be an strong resistance level at 99.70, before psychological resistance at 100.00.

The Dollar however has already experienced sharp downward corrections from current levels and according to the Mataf.net technical team, the Dollar could drop to 95.00: USD JPY is in a consolidation after the last bullish movement. The volatility decreases. Bollinger bands are tightened. Oscillators are neutral. The price should find a resistance below 98,50 (73 pips). The trend should reverse. The target is expected at 95,00 (277 pips).