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USD/JPY Outlook: Pair Came Under Fresh Pressure

USD/JPY Outlook: Pair Came Under Fresh Pressure

USD/JPY The pair came under pressure after fresh extension of near-term bulls from higher base at 98.00 stalled at important 99.00 barrier. Subsequent pullback could be seen as corrective, while 98.00 support holds, as 4-hour studies maintain positive tone that would keep 99.00/65 targets in play. However, loss of 98.00 handle would signal further acceleration lower and sideline near-term bulls, in favor of stronger correction of 96.55/98.99 rally. Break lower to open 97.77/48, Fibonacci 50% and 61.8% retracement. Resistance: 98.69; 99.00; 99.12; 99.65

Support: 98.24; 98.00; 97.77; 97.48

USD/JPY Hour Chart” title=”USD/JPY Hour Chart” width=”800″ height=”400″ src=”” />

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