USD/JPY jumps back to 99.50 highs

FXstreet.com (Barcelona) - The USD/JPY foreign exchange rate is last trading at fresh session highs 99.50 off recent session lows at 98.88, surging on broad USD strength, as risk aversion grows in the region.

USD/JPY holding above strong support at 98.80

According to Valeria Bednarik, Chief Analyst at Fxstreet.com, “the hourly chart shows price below a bearish 100 SMA while indicators head south below their midlines. Bigger time frames also show technical readings pointing for a downward continuation, with 98.80 as immediate support to break to see further slides today.”

USD/JPY key technical levels

Bednarik sees support levels at: 98.80, 98.50 and 98.20, while resistance levels at 99.70 and 100.05.