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Forex: USD/JPY bounces back above 98.00

FXstreet.com (Córdoba) - Yen strength resumed during the European session, briefly dragging USD/JPY below the 98.00 mark, after the latest recovery attempt was capped by the 100-hour SMA at the 98.40/45 area.

However, USD/JPY managed to find buyers at the 97.60 zone, and bounced back above 98.00 toward 98.10, where it is currently trading, still up 0.6% on the day.

In terms of technical levels, on the upside next resistances are seen at 98.35 (100-hour SMA), 98.55 (200-hour SMA) and 98.70 (Apr 15 high). On the downside, supports are seen at 97.60 (hourly lows), 97.30 (hourly lows Apr 16) and 97.00 (psychological level).

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After all the talk last week of USD/JPY hitting the magical 100.00 level, we saw a retracement yesterday with the pair moving back briefly down to the 95.50 level earlier this week. According to the Investec Research Team, “Confidence of hitting the 100.00 level is slowly fading, and with an air of stability flowing back into the pair, last week’s high of 99.94 could well provide strong resistance.”
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