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Forex: USD/JPY testing the 98.00 level

FXstreet.com (Barcelona) - The USD/JPY has remained glued to the 98.00 level, refusing to budge much lower, despite the bottoming out at the 97.55 during the overnight session. However, during European trading, the pair has remained quite stagnant and is incurring a loss of -0.23% Monday.

“The USD/JPY was halted by levels close to Linear Regression Indicators and is now trying to achieve some gains. Prolonged stability above Linear Regression Indicators around 97.25 levels is required to support a new attempt to the upside this week. Failing to stabilize above 99.85 during the upside attempt will get the pair in a clear short or medium-term correction.” notes the ICN.com analyst team.

Briefing the technical levels, the technical analyst team at ICN.com points to supports at the 98.00 level onto the 97.60 handle, and ultimately 97.25. Alternatively, a movement higher will enable resistances at 98.45, ahead of 98.85, and finally 99.45.

Earlier today, Japan was the spotlighted currency as Kuroda comments were given on the heels of mixed Japanese data, including a notable Industrial Production miss (-10.5% in February vs. -5.8% previously.”

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