FXstreet.com (Barcelona) - The USD/JPY rose for a second day after finding support from the trend line. Following 6 straight weeks of gains, the pair was extremely overbought, moved sideways this week and tried to consolidate earlier gains.
The USD/JPY is still in a well-defined trading channel, with support in the 97-area and resistance in the 100-area. If the support is broken, the pair may fall to the 94-area. However, we believe the pair will move higher as risk aversion fades, said Hans Nilsson, analyst at CMS Forex.