FXstreet.com (Barcelona) - USD JPY has lost some 100 pips during Asian session. Rejection from 98.40 resistance level in early Asian session has brought the pair down, to test 97.35 support level (Mar 23 high) before European opening times.
According to Tim Salem, FXstreet collaborator, the pair is trading under bearish influence, and some lower levels can be seen: Bearish Sentiment continues with Hourly Yen strength with static Support of 97.38 /97.27 200SMA Confluence holding for now. RSI neutrality will shift south as Price violates to 200 and moves to the 97.01 Handle.
On the upside, Salem points out to 98.40 level to confirm an upside reaction: Upside momentum needs contact @ dynamic Resistance of 98.44 and if continued, will find 98.83 Resistance as well. Downside, but Rangebound activity slightly favored in the immediate-term, being defined by the 200 and 20 SMA Range of 97.27-97.94, respectively.