Forex: USD/JPY remains capped below 99.45

FXstreet.com (Córdoba) - After being rejected from the 99.45 area and falling to a 4-day low sub-99.00, the US dollar managed to trim intraday losses against the yen, underpinned by EUR/JPY demand. USD/JPY bottomed out at 98.82 during the Asian session but has been steadily cutting losses and recently reached a high of 99.34.

However, the pair has lacked enough momentum to overtake the 99.45 resistance area, which has been capping the pair over the last days.

At time of writing, USD/JPY is trading around 99.20, where it is still 0.1% below its opening price, with immediate resistances at 99.35 (hourly high), 99.45 (high May 6) and 99.87 (high Apr 22). On the other hand, supports could be found at 98.82 (daily low), followed by 98.60 (21-day SMA).