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Forex: USD/JPY consolidates above 99.00

FXstreet.com (Córdoba) - The USD/JPY is taking a breather after rallying over 130 pips in the wake of the solid US NFP report. USD/JPY soared back above 99.00 and reached a 1-week high of 99.26 before losing steam.

The pair has spent the last hours consolidating within a narrow range around the 99.00 circa level. At time of writing, USD/JPY is trading around 99.10, recording a 1.2% gain on the day.

"If the USD/JPY falls back after today's bullish reaction, it should hold above 98.50 in a bullish scenario (following an uptrend that is intact since Oct/Nov)", says Fan Yang, analyst at FXTimes.com. "Otherwise, USD/JPY would still be in sideways consolidation with possibility of finally topping against this more than 6-months trend if the USD falls below this week's low around 97.00".

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