Forex: USD/JPY flat at 99.50 again

FXstreet.com (Barcelona) - USD/JPY is last at 99.41, still slightly in the negative for the week so far, having bounced already twice from weekly lows around the 98.50 level, first time helped on EU periphery bond yields “cratering”, reported FXBriefs, and soft US economic data, and second time after false twit from AP news agency saying Obama had been injured from a blast at the White House was confirmed. The pair is off recent daily highs at 99.54, same level it closed last week at.

According to Valeria Bednarik, Chief Analyst at Fxstreet.com: “for the short term, bias remains bullish according to the hourly chart, with price standing above 100 SMA and this last above 200 one, first time in over a week,” the analyst says, adding: “Technical readings in the mentioned time frame hold in positive territory although beginning to look slightly exhausted to the upside, anticipating at least some consolidation before next move.”

Valeria expands: “Bigger time frames maintain a positive technical tone, supporting the general market idea of dips being buying opportunities. Steady gains above 99.50, should anticipate and approach to the elusive 100.00 area, while once above, the pair has scope to extend up to 102.00 this week,” she concludes.

Ms Vednarik finds support levels at: 99.00, 98.60 and 98.20, while resistance levels at: 99.50, 100.00 and 100.35.