FXstreet.com (Barcelona) - The USD/JPY continues climbing higher as the Yen seems to have lost its safe haven condition of the last three months. The pair is on an ascendant channel since bouncing up from 89.91 on Feb 12, and the pair has reached 97.30 resistance level during Wednesday's Asian trading session to back off somewhat towards levels right below 97.00.

The USD/JPY looks overbought in the hourly and daily charts, thus the USD could go through a slight setback during today's European session, 96.50 is the nearest support line, followed by the 95.90/96.00, and below there 95.25/35.

On the upside, the USD/JPY could test 97.30 again and once above there next xt support line would be 97.75 before 98.80.