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USD/JPY pares losses to return to 101.00 level

FXstreet.com (Barcelona) - The USD/JPY has been far more stagnant during European trading, rising recently back to the 101.00 mark and erasing its losses from the overnight session.

According to the ICN.com technical analyst team, “The USD/JPY extended the downside move within the general ascending channel and we think the bearish move will extend this week, as it is targeting to retest, break and consolidate below 99.85 levels. Trading below 102.50 forces us to hold on to our bearish correction expectations.”

In these moments, the USD/JPY is trading near opening levels at the 101.00 barrier. Consistent with the calculations of the Mataf.net analyst team, the USD/JPY will look to eventually test support levels at 100.17, ahead of 99.48, and finally 98.31. Alternatively, a paring of recent losses will drive the pair towards resistances at 102.03, then 103.20, onto 103.89.

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