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Forex: USD/JPY finds support around 98.60/65

FXstreet.com (Barcelona) - The Japanese yen is depreciating against its American counterpart for the third consecutive session on Thursday so far, dragging the cross to intraday lows around 98.60/65. Subsequent buying interest is lifting the cross to the current area of 98.75/80 as risk aversion is creeping back to the markets.

Karen Jones, Head of FICC Technical Analysis at Commerzbank, commented the cross “remains short term bullish while trading above the 96.99 late April low. If slipped through, dips lower should find support at 96.71, the March high, and at 96.01, the 6 month up trend”.

USD/JPY is now losing 0.22% at 98.77 facing the immediate support at 98.65 (low May 9) followed by 98.58 (low May 8) and then 98.32 (MA200h).
On the upside, a break above 99.45 (high May 6) would clear the way to 99.57 (high Apr.25) and finally 99.77 (high Apr.24).

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