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Forex: USD/JPY operating at intraday lows at 98.64/70

FXstreet.com (Barcelona) - The USD/JPY has been on the losing end of trading Wednesday, and at the onset of US trading this trend appears to be continuing. Indeed, the pair has inched lower all day, though in recent moments the cross is establishing fresh session lows at 98.64/70. At this juncture, the pair is operating at -0.27% off its opening.

There has been little on the data front today to warrant any sweeping movements across currency markets. In terms of economic statistics moving forward today, later tonight at 23:50 GMT, investors will learn of some low-key Foreign investment figures out of Japan.

According to Research Analyst Gareth Berry at UBS, “In terms of the USD/JPY, the cross faces a near-term bullish outlook, characterized with the broader bull trend in place, as any downside will be generally limited. Support is at 97.90 ahead of 97.01, while important resistance is at 99.95 ahead of 101.45.”

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