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Forex: USD/JPY erases intraday losses

FXstreet.com (Córdoba) - The US dollar managed to creep higher versus the yen at the beginning of the New York session as most crosses reverse their European path and the greenback strengthened across the board amid some profit taking.

USD/JPY has climbed over 50 pips from lows, also propelled by US stocks advance, and recently reached a session high of 99.49. The pair is currently trading at the 99.45/49 area, having completely erased its intraday losses.

As for technical levels, on the upside immediate resistances are seen at 99.55 (daily high) and 99.90 (high Apr 22) ahead of 99.95(2013 high Apr 11). On the downside, next support levels could be found at 98.97 (daily low), 98.63 (200-hour SMA) and 98.47(low Apr 23).

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