Forex: USD/JPY rejects the 98.00 zone and falls to 97.80

FXstreet.com (San Francisco) - After rising around 40 pips in the latest two hours from 97.75 to test intra-day high at 98.15, the USD/JPY has been rejected by the 98.00 area and currently the pair is trading back to previous levels. Now the pair is at 97.80.

With 1.10% daily gains, the USD/JPY is trading slightly bullish yet with indicators such as MACD, CCI and Momentum pointing bullish while the Stochastic is bearish in the 1-hour chart.

USD/JPY would face supports at 97.75, 97.50 and 97.30. While resistances are at 98.20, 98.70 and 99.00.