Forex: USD/JPY falls to a minimum of 2 weeks

FXstreet.com (Cordoba) - the US dollar.UU. It continues to operate below the 98.00 against the yen since the last attempt of recovery was limited by the moving average of 20 hours in the area of 97.80 after the publication of disappointing Chicago PMI data.

USD/JPY has lost over 50 pips in the last minutes, registering a new minimum of almost 2 weeks at 97.22. Currently the pair is trading around 97.30, 0.4% below its opening price.

According to Valeria Bednarik, analyst head of FXstreet.com, the pair maintains tone downward according to the 1-hour chart, since the price develops below the stockings of 100 and 200, while the indicators remain in negative territory. "Profits above 98.00 have been limited so far, suggesting further downward on the front pressure with 96.70 as next key support", Bednarik adds.