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Forex pairs in this Article » USD/JPY (Barcelona) - USD/JPY has been hammered in the last few minutes of trading, just breaking an important intraday support zone at 98.00/98.05 - defended through Thursday's US session - to presently record its lowest at 97.86.

USD/JPY downside risks increase

Technically, on the downside, as Jim Langlands, Founder at FXCharts, notes: "97.75 and 97.40 (200 DMA) are next supports ahead of the stronger one at 97.00, which currently look safe. If wrong, below there would head towards 96.55 (8 Oct low)."

Players betting for 96-99 range continuation?

On the upside, dip buyers will have to face support-turned-resistance at the 98.00/98.10 periphery now, with a close and hold above it needed to allow for a further recovery. In the bigger picture, Langlands adds: "There are going to be plenty of sellers into strength– including option related interests – who are still betting on a continuation of 96/99 range ."
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