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Forex: USD/JPY continues to trade lower, breaks through initial support of 97.55,

FXstreet.com (Barcelona) - Forex: USD/JPY continues to trade lower, breaks through initial support of 97.55,
The USD/JPY is trading down 55 pips at 97.38 last. The pair was unable to hold last Friday’s low (97.55) and now appears to be set for a test of 96.60 (lower end of trading range).

According to Val Bednarik of FXStreet.com, “A deeper downside corrective movement may come with a break below 97.20, still far from market price, yet possible for today. The hourly chart shows price below moving averages and indicators flat in negative territory, while bigger time frames show an increasing bearish momentum that supports the bearish bias. Price needs to recover at least above 98.80, quite unlikely for today, to erase the negative tone and be able to reattempt a test of 100.00.”

Should the pair continue to weaken the next few days, it should not be overlooked how important the 96.60 support level will be going forward. This is the lower end of the recent trading range (on a closing price basis, going back to April 5th), and should it not hold we could see additional weakness towards 96.00 (the 45dma). Initial resistance is now 98.00 (the 20dma), followed by 98.77 (the 9dma).

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