USD/JPY pushes towards 98.50/55, sellers in control short term

FXstreet.com (Barcelona) - Despite the erratic trading conditions displayed by the USD/JPY on Tuesday, it looks as though sellers might be slightly more in control very short term, with the price currently visiting 98.55, just shy of 98.50 weekly low.

According to Valeria Bednarik, Chief Analyst at FXstreet.com: "The USD/JPY presents a doji in the daily chart, showing little definitions also in shorter time frames."

Technically speaking, Bednarik notes bears remain in control in the near term. "In the hourly chart price continues developing below 100 SMA which stands below 200 one, a sign of bearishness, while indicators hold in negative territory" she said.