Forex: USD/JPY finds support at 97.00 and trades back at 97.25

FXstreet.com (San Francisco) - The US dollar was trading lower against the Japanese yen in the early American morning but after falling around 60 pips from the 97.60, the USD/JPY seems to have found support at the 97.00 level. The pair is now trading at 97.20.

Yet 0.25% negative on the day, the USD/JPY is trading strongly bearish according to the FXstreet.com. Indicators such as MACD, CCI and Momentum are pointing south while the Stochastic is neutral in the 15-minutes chart.

As for technical levels, if USD/JPY breaks below 97.00, next support is seen at 96.70 (high Mar 12) followed by 96.35 (low Apr 15). On the other hand, resistances could be found at 97.80 (daily high) and 98.00 (psychological level).