Forex: USD/JPY erasing Asian losses

FXstreet.com (Barcelona) - The latest upside attempt was capped at 99.77 high during the Asian session and the pair moved down to 99.19 low after that, but the market remains well supported and money flows ahead of the European session are pulling the USD/JPY back to its highs. As of writing, the price goes at 99.63 as bulls keep on believing on the 100.00 mark. Despite the current rebound, the USD/JPY still has to return to 99.66 to erase its daily losses back to yesterday’s close.

The 70-pip spike down to 98.64 made on the US session was the result of a scared FX market after AP reporting a rumor of two explosions at the White House that turned out to be fake.

Mataf.net analysts point to resistance at 99.75, 99.90 and 100.10. On the downside, supports might be found at 99.20, 98.95 and 98.45.