The 98.00 level appears to be the next short term hurdle for the USD/JPY to surmount if it is to work its way back towards the 200 DMA in the 99.50 region. While we remain capped at 98.00 we should retest 97.00. The JPY is certainly out of favour against all currencies today as the market’s appetite for risk has re-surfaced once more, given the positive moves on the global equities front, so i think a test of the 99.00 level is on the cards at some stage.
