USD/JPY trades back to 99.50 as New York opens

FXstreet.com (Francisco) - After rallying from 99.10 to reach 2-month highs around 99.80 supported by Nikkei gains, the USD/JPY was trading in consolidation mode just ahead of the American opening, but the pair has just declined to 99.50 area just following the bell's ring.

Currently, the USD/JPY is pricing at 99.55, still 0.35% positive on the day. The short term perspective remains slightly bullish according to the FXstreet.com trend index in the 1.hour chart. CCI and Momentum are pointing to the north while the MACD is neutral and the Stochastic is bearish.

The USD/JPY could face immediate supports at 99.50, 99.10 and 98.90. On the upside, next resistances are at 99.80, 100.00 and 100.60.