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Forex: USD/JPY intensify the decline around 97.40/50

FXstreet.com (Barcelona) - The Japanese yen keeps the upside momentum against its American counterpart on Tuesday, dragging the cross from highs in the vicinity of the psychological resistance at 100.00 last week to this week’s lows around 97.40/45.

According to Strategists G.Berry and G.Yu at UBS, the bank remains neutral on the cross, adding “The latest setback does not change the broader bullish picture as long as strong support at 95.80 holds. Initial resistance is at 98.93 ahead of the psychological 100.00”.

As of writing, USD/JPY is retreating 0.33% at 97.43 facing the next support at 97.35 (low Apr.29) ahead of 97.21 (low Apr.17) and finally 97.00 (psychological level).
On the upside, a breakout of 98.13 (high Apr.30) would open the door to 98.20 (high Apr.29) and then 98.62 (Tenkan-Sen line).

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