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Forex: USD/JPY slips back below 99.00

FXstreet.com (Córdoba) - The dollar saw a quick drop below 99.00 and retested daily lows against the yen in a sudden spike of risk aversion. USD/JPY fell to a low of 98.82 but found support once again and quickly bounced to the 99.10 area, where the 20-hour SMA acted as dynamic resistance.

Having been unable to overcome the 99.45 resistance area over the last days, the USD/JPY was left in a narrow range, with the 98.80 area proving to be a tough support on the downside.

At time of writing, USD/JPY is trading around 99.00/05, where it is 0.3% below its opening price. On the downside, next supports could be found at 98.82 (daily low), followed by 98.60 (21-day SMA), while resistances might be faced at 99.15 (20-hour SMA), 99.45 (high May 6) and 99.87 (high Apr 22).

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