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Forex: USD/JPY jumps above 98.00 on BoJ CPI inflation talks

FXstreet.com (San Francisco) - The USD/JPY is extending its recovery from the 97.20 bottom with the pair rising around 50 pips in the last hour to test the 98.30 level on the back of rumors published by Nikkei that the BoJ will raise CPI forecast. Recently, the BoJ affirmed that they are working to have a yearly inflation at 2.0%.

The USD/JPY is currently trading at 98.10, 0.60% positive on the day. The pair is slightly bullish according to the FXstreet.com trend index. Indicators are mixed as CCI and Momentum are pointing north while the MACD is bearish and the Stochastic is neutral.

A surpass of 98.30 would expose 98.44 (high Apr.17) and finally 98.65 (MA200h). On the downside, support levels line up at 96.14 (MA21d) ahead of 95.67 (low Apr.16) and then 95.21 (61.8% of 92.57-99.95).

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