FXstreet.com (Barcelona) - After the today's rally from the 97.00 level to the 98.60, which made to the pair break upper the flat channel of the last seven day, the USD/JPY has fallen more than around 60 pips to the 98.10 level in a consolidation movement.
Currently, the pair is trading above the 98.00 level in a consolidation after the last bullish movement. The USD/JPY should find a support above 97,00 (110 pips), but the uptrend should continue on 100,00 resistance (190 pips), before the pair must break the 98.70 resistance, as Feb 26 high)
According to Hugh Gordon, Analyst at ForexYard, the USD/JPY should consolidate its movement around 97.00 level: The bullish trend is losing its steam and the pair seems to consolidate around the 97.00 level. The daily chart's RSI is already floating in the over-bought territory suggesting that the recent upwards trend is losing steam and a bearish correction is impending. Going short with tight stops appears to be the preferable strategy.