Forex: USD/JPY slips back below 98.00

FXstreet.com (Córdoba) - The USD/JPY rallied to fresh highs for the day, briefly rising above the 98.00 level to score a peak of 98.38, propelled by positive US data, Kuroda comments and the ECB decision to cut its main refi rate.

However, USD/JPY failed to sustain gains above 98.00 and pulled back as investors continue to assess recent events. At time of writing, USD/JPY is trading around 97.75/80, 0.4% above its opening price.

As for technical levels, on the upside next resistance could be found at 98.38 (daily high) and 98.50 (20-day SMA), while supports are seen at 97.00 (low Apr 30) and 96.70 (high Mar 12).