USD/JPY inching up to 96.70

FXstreet.com (Barcelona) - USD/JPY was capped at 97.00 in Asian markets on Friday and has since been declining to meet an overnight low of 0.9593. The pair is now heading higher and eye's 96.80.

USD/JPY dropped half a point overnight after weaker than expected Q2 GDP results arrived which took the pair to 95.93. Since then the market has risen back to print a high of 96.87 in London. This week we will see some life in the pair with US job data at the end of the week, but first up we will have the BoJ minutes overnight.

USD/JPY RSI supporting the pair

USD/JPY found support in 95.80 and RSI is hitting levels that are indicating oversold territory there. The pair is now consolidating between here and 97.00. The 20 dma is 98.53, 50 dma 98.36, and 200 dma 93.49. RSI (9) reads 33.47 and offers an indication of a temporary pause to the bear trend. Supports are ascending from 95.42, 95.59, 95.81, 96.00 and 96.28. Spot is currently 96.70 while resistances are 96.81, 96.98 and 97.36.