Forex: USD/JPY accelerates the decline below 98.00

FXstreet.com (Barcelona) - the Japanese yen keeps strong recovery against its American counterpart today Tuesday, leaving the area of minimum values below the psychological 100 mark to test the highs of the week in the vicinity of 97.60.

According to analysts at UBS G.Yu and G.Berry, the Swiss Bank maintains neutral perspective for the crossing, suggesting that "recent setbacks would not change the larger bullish stand at 95.80 contain selling pressure. Initial resistance is at 98.93 ahead of the psychological barrier of 100.00 ".

The pair now lost 0.20 at 97.55% and penetrate 97.35 (min abr.29) would expose 97.21 (min abr.17) and finally 97.00 (psychological level). On the bullish side, the heating elements are located at 98.13 (max. abr.30) ahead of 98.20 (max. abr.29) and then 98.62 (Tenkan-Sen line).