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Forex: USD/JPY consolidates below 98.00

FXstreet.com (Córdoba) - After an impressive over 200-pips rally, USD/JPY found resistance and lost momentum during the New York session and slid back below 98.00.

USD/JPY retreated from a high 98.15 and with the dip being contained by the 97.70 area, the pair was confined to a narrow range within the last hours. At time of writing, USD/JPY is trading around 97.80, 1.1% above its opening price.

As for technical levels, Valeria Bednarik, chief analyst at FXstreet.com locates next support levels at 97.50, 97.20 and 96.80, while she sees resistances at 98.40, 98.80 and 99.30.

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