USD/JPY collapses to 98.00

FXstreet.com (San Francisco) - The Dollar continues with its decline against the Japanese Yen and after collapsing around 60 pips from 98.60 in the last few minutes, the USD/JPY has fallen to break the 98.20 key level and to test the 98.00 support, lowest since June 27th.

Currently, the USD/JPY is trading at 98.10, 1.20% negative on the day. The short term perspective remains slightly bearish according to the FXstreet.com trend index in the 1-hour chart. Indicators such as MACD, CCI and Momentum are pointing to the south while the Stochastic is bullish.

Below the 98.00, next supports are 97.60 and 97.20. On the upside, resistances are now at 98.20, 99.00, 99.10 and 99.85.