FXstreet.com (Barcelona) - The Japanese Yen came under heavy selling pressure, bringing the USD back to levels close to 100.00. USD/JPY has risen from 97.00 to 98.40 maximum level in Asian trading times. The USD is trading on a bullish channel after bouncing at 93.55 in Mar 19.
On the upside, the Dollar has found resistance at 98.40 level. Above here, next resistance level comes at the 98.85/95 area, and once broken this level, 99.69 (Mar 5 high) will be the last before 100.00 psychological resistance.
The pair seems to have entered in overbought territory in the hourly chart. In case of a setback, the nearest support level comes at 97.90, and below here 97.20/35 area, and 96.55.