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Forex: USD/JPY finds support at 98.80, back to 99.00

FXstreet.com (San Francisco) - After declining 55 pips from the 99.35 area to break below the 99.00 and to test the Monday's low at 98.80, the USD/JPY seems to have found support at this level and currently the pair is trading around the 99.00.

The USD/JPY is 0.28% negative on the day. However, the pair is currently slightly bullish according to the FXstreet.com trend index. Indicators such as CCI and Momentum are pointing to the north while the MACD and the Stochastic are neutral in the 15-minutes chart.

On the downside, next supports could be found at 98.80 (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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