USD/JPY: Dollar could correct higher from 95.75 low

The Dollar downtrend from 99.60 high on May 8 has found a intra-day bottom at 95.75 on Asian session, and the pair has tried to pick up, reaching a high at 96.70.

Tim Salem, collaborator at FXstreet.com observes a possibility for an upside correction on the Dollar: “Bearish Sentiment finds Intra-day Basing within the Downtrend Channel from the 95.76 Lows to Dynamic Hourly 20SMA Resistance, where a Corrective breach sees the Daily Pivot at 96.75 with Clearance above the 97.00 Figure to 97.26 Daily Dynamic Resistance. Further Appreciation sees 97.40 and 97.84 Static Resistance Areas.”

Resistance levels lie at 96.70 intra-day high, and above here, 97.15/25, and then 97.85 (May 12 high). Support levels lie at 95.60 (Apr 28 low), and below there, 95.40 (Mar 12 low) and 94.85.