USD/JPY, sideways range on Syrian concerns; will 98.00 be maintained?

FXstreet.com (Chicago) - USD/JPY remains with 0.21% daily losses so far despite advancing 0.11% within the past hour following Aso’s comments about Abe’s considerations to cut corporate taxes in the country and market participants concerns on Syrian conflict.

Price action indicates the pair soared above 98.00 zone for reversal consolidation to trade at 98.30 between supports aligned at 98.23 (August 15th highs), 97.94 (August 20th highs) ahead of 97.57 (August 15th lows) and resistances at 98.50 (August 22nd highs), 98.85 (August 23rd highs) followed by 99.15 (August 2nd lows). According to the FXstreet.com trend index, the pair is slightly bearish on one-hour timeframe analysis, fluctuating below the EMA and with a MACD indicator pointing down.