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Forex: USD/JPY bounces back above 98.00

FXstreet.com (Córdoba) - The US dollar has managed to trim part of its steep losses versus the yen during the American afternoon amid profit taking and in line with Wall Street stocks.

USD/JPY bottomed out at a 9-day low of 97.54 but found buyers and has been steadily recovering ground within the last hours, having regained the 98.00 level. At time of writing, USD/JPY is trading at the 98.25 area, still down 1.0% on the day.

As for technical levels on the downside, next support levels could be found at 97.54 (daily low), 97.20 (low Apr 17) and 97.00 (psychological level). On the upside, resistances are now seen at 98.80 (200-hour SMA) and 99.00 (psychological level).

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