Forex: USD/JPY falls hard to intra-week low on US 'suggestions' to Japan

FXstreet.com (San Francisco) - The US dollar is currently trading lower against the Yen as market has reacted to the US suggestions about the Japan competitive devaluation. The USD/JPY declined 80 pips in the last few minutes from 98.85 to test intra-week lows at 98.05. Currently the pair is trading at 98.30.

USD/JPY is strongly bearish according to the FXstreet.com trend index. The pair is currently 1.30% lower on the day and MACD, CCI and Momentum indicators are pointing loer in the 1-hour chart.

Next supports are at 98.10, 98.00 and 97.80. Resistances are at 99.00, 99.40 and 99.90.