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Forex: USD/JPY keeps the red around 97.20/25

FXstreet.com (Barcelona) - The Japanese yen continues to gather traction against the greenback on Wednesday, falling for the second consecutive session and prolonging its correction from last week’s highs in the boundaries of 100.00.

“Prices recoiled from resistance below the 100.00 figure to test support at 97.79, the 23.6% Fibonacci retracement. A break below this barrier initially exposes the 38.2% level at 96.46. the 100.00 level remains as the key resistance boundary in focus”, suggested I.Spivak, Currency Strategist at DailyFX.

At the moment, the cross is down 0.20% at 97.23 and a breach of 96.99 (low Apr.30) would expose 96.26 (Kijun-Sen line) ahead of 95.67 (low Apr.16).
On the upside, resistance levels are located at 97.69 (high May 1) followed by 98.05 (MA100h) and finally 98.13 (high Apr.30).

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