Some consolidation is probable.

Currently, the pair is trading within the 99.30/40 band, 0.83% above its opening price at 98.55. On the upside, rebound from current levels should extend above 99.45 ( high) to stand on the path to 99.90. According to the Swiss e Trade Strategy Team, a downside correction for USD/JPY should be taken into account:. The yen was pressured today by increased risk appetite as risky assets rallied worldwide. USD/JPY is pressured by increasing risk appetite - The USD/JPY continued to recover from sharp sell-offs following € Fed announcement that it will use its balance sheet to further ease monetary policy.

€ We believe these levels will be broken and the yen will continue to fall, € said Quinton Nilsson, analyst at CMS Forex.The USD/JPY is at the 98-handle resistance and the stock market measured by S&P 500 is at resistance in the 820s.

USD/JPY tests 99.00 after rejecting 99.90 - USD/JPY has fallen around 90 pips from the 99.90 level, the highest since November 4th, to test the 99.00 level right after the US opening bell. On the downside, the Dollar could find support at 99.00/98.85 area, and below there, 98.20 ( low).

The EUR/JPY has already broken important resistance, and the GBP/JPY, AUD/JPY, CAD/JPY and CHF/JPY are at import resistance levels.