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Forex: USD/JPY pares losses to trade at 98.88/90

FXstreet.com (Barcelona) - The USD/JPY has continued moving higher off of the 98.75 level Wednesday, tracing a recovery of nearly 10 pips throughout the European session thus far. While the cross remains in negative territory, down -0.10% off its opening, it has however ascended back to the 98.88/90 level in these moments.

According to Research Analyst Gareth Berry at UBS, “The USD/JPY remains bullish with the broader bull trend in place, any downside will be limited. Support is at 97.90 ahead of 97.01, while important resistance is at 99.95 ahead of 101.45.”

Markets have been subdued data wise Wednesday with little permeating the newsfeeds capable of moving currency markets or instilling a degree of risk amongst assets. Later today within the hour however, German economic data could help break the tight consolidation facing most majors.

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