FXstreet.com (Barcelona) - Japanese yen continues under selling pressure and, after some corrections to the downside, the USD/JPY has just tested the tough congestion zone the pair has between 97.40/60. Clear break above that level could trigger additional momentum to the pair with next close resistances at 97.86 and 98.28. Consider supports at 97.00 and 96.65.
Along the day, the pair has been trading at the range between 97.30 and 96.35, but in the last hour the Dollar has rise above the this range to test the 97.50 resistance after rise around 100 pips from 96.50 to 97.50 level, today's maximum.
Risk aversion has returned to the markets on U.S. session after the negative opening of Wall Street and it has accentuated on a weak existing home sales report. In addition, the Yen seems to have lost its safe haven status among investors on concerns over Japanese economy entered in troubled waters.