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Forex: USD/JPY testing the 99.00 level

FXstreet.com (Barcelona) - The USD/JPY has managed to eliminate a portion of its losses, which briefly made it one of today’s worst performers. However, in recent minutes, the pair has returned to familiar territory at the 99.00 level, testing this region during European trading Tuesday. At this juncture the cross is still suffering from a -0.43% loss though, firmly entrenched in negative territory.

Overnight, Japan's Finance Minister Aso said that the yen is still in the process of correcting. According to Research Analyst Gareth Berry at UBS, “In essence this signals the government is not troubled by the latest wave of yen selling which took the USD/JPY to a new multi-year high of 99.67 overnight.”

The Technical Analyst team at ICN.com analysts identifies the next corrective measures of support at 98.85, ahead of 98.60, and 98.10. Regarding a paring of losses that have thus far crippled any upside, resistances for the USD/JPY will activate should the pair reach 99.40, onto 99.85, and finally the psychological 100.00.

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