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Forex: USD/JPY trims intraday losses

FXstreet.com (Córdoba) - The dollar recovered ground versus the yen during the American afternoon as market shrugged off disappointing US housing data and stocks returned to positive territory.

USD/JPY rebounded from a low of 98.96 and following a consolidation phase, it gathered momentum and ran to session highs at the 99.50 area. At time of writing, the pair is trading around 99.45, still down 0.4% on the day.

As for technical levels, on the upside, resistances line up from 99.90 through 100.00 - 99.90 (daily high), 99.95 (Apr 11 high) and 100.00 (psychological level). On the downside, supports could be found at 99.50 (intraday level), 99.00 (psychological level) and 98.96 (daily low).

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