USD/JPY: Dollar bounces on 98.60 and aims to test 99.00

Dollar decline from 99.55 yesterday has found support at 98.60 and the Dollar has appreciated during today’s European session to test levels above 99.00 at the time of writing.

Resistance levels lie at 99.00 and above there 99.60 (May 1 high) and above there, psychological resistance at 100.00. On the downside, next support level lies at today’s low at 98.60; below there 98.00 and 97.45/50.

Advanced Currency Markets, advances the possibility of a test to the 100.00 level: “Sharp recovery from 95.63 is now focused on the psychological 100 lvl. We expect a short period of consolidation above 90.0 then a continuation of bullish momentum and a test of resistance. A break would expose 100.43 Apr 14 high. Near term support at 98.65 (5 day ma)”