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Forex: USD/JPY hits 4-week low below 99.00

FXstreet.com (Buenos Aires) – Dollar massive selloff into US session is seeing USD/JPY trading at its lowest level in 4-weeks, having been as low as 98.85 at the time being. Once below key 100.00 level, the bearish momentum left the pair vulnerable for further falls, and “approaches to the level should attract now sellers” according to Valeria Bednarik, FXstreet.com chief analyst.

Despite in the long run current movements may seem barely corrective, the pair could continue falling “up to 97.00 level” without really harming the long term bullish trend, according to the analyst. For the short term, she expects “some consolidation around 99.00, with rallies towards 100.00 seen as selling opportunities now. A break below 98.85 daily low will see next short term supports at 98.50 and 98.10 in the upcoming sessions.”

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