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Forex: USD/JPY recovers after setting fresh low

FXstreet.com (Córdoba) - The USD/JPY took another step lower and printed a marginal new low for the day as another wave of risk aversion hit the markets at the beginning of the NY session.

USD/JPY set a daily low of 97.45 but quickly found support and bounced slightly. At time of writing, the cross is trading around 97.80, still up 0.3% on the day.

From a technical view, Valeria Bednarik, chief analyst at FXstreet.com, notes that overall stance remains bearish in 4-hour chart. "Price needs now to break below 97.30 to confirm a bearish continuation, with 96.50 area then at sight", says the analyst.

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