USD/JPY below 99.00
USD/JPY tried to strengthen on Friday but formed a shooting star candle, capped at 99.65. As a result, the pair dipped to 98.90 in the Monday European trade. The pair is now trading below the 4-hour bearish Ichimoku. Support for the pair is seen at 98.75, 98.60/50 and 98.40. Resistance lies at 99.65 and then at 100.00.
Watch the US flash manufacturing PMI at 13:00 GMT. The figure keeps improving and is expected to reach the highest level since March (forecast: 54.2 vs. prior 53.1). FOMC member Dudley is scheduled to speak at 13:30 GMT. It seems that Bernanke has said enough on Wednesday, but who knows – may be Dudley will express a slightly different viewpoint.
Chart. H4 USD/JPY