FXstreet.com (Barcelona) - Dollar continues weakening against the Yen, the pair has broken its day bottom around 98.05 to drop to levels at 97.80 with Apr 20 low at 97.65 on sight.
Next support levels stand at 97.65 (Apr 20 low) and 97.35 (Upward trending support line from Jan 21 low). On the upside 98.00/05 and 98.45.
According to Peter Rosentreich, technical analyst at ACM - Advanced Currency Markets, the Dollar could drop lower: Predictions of fthe buying of oreign security investment trust (scheduled for March 24th) to be the demise of Yen streght are over done. Momentum warnings point to faltering rally and the risk of a test of trendline support near 97.20. Continued risk aversion as earnings season moves on would focus 97.07 then 95.96 as support levels.
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