USD/JPY: Dollar, weaker at European opening, testing 98.15 lows

The Dollar looks weaker on early European session and drops from 98.60 to levels right above 98.15 intra-day low. At the moment the Dollar moves art 98.25; 0.37% below its opening level.

Carol Harmer, technical analyst at Charmer Charts warns about 97.85 support level: “97.85 is your next level, and if buyers fail to defend this against aggressive sellers look for the market to come lower with 97.11/05 looking then to entice prices.”

On the upside, if the Dollar holds above there, Harmer sees options to get to 99.45/75 or higher: “Now if buyers do their job and defend the 97.85 support you should find this coming back to the 99.45/99.77 resistance band. Buyers will be covering to these higher levels. Sellers will come into attack the buyers to stop them trying to break the 100.00 barrier. If buyers win then 100.43 would be your first target.”