USD/JPY spikes towards 97.43, bullish reversal under way?

FXstreet.com (Chicago) - USD/JPY resurrects from earlier depths below the 97.00 zone to trade close to American session’s intraday highs above 97.40 prior to the Wednesday’s Japanese session start. A small retracement pulls the pair back below mentioned zone on bearish pressure.

Impulsive price action

Price action indicates a significant peak through that failed to consolidate above immediate resistance at 97.42 (double top side failure on August 19th highs). Following resistances are set at 97.47 (August 18th lows) and 97.57 (August 15th lows) with a downside aligning supports at 97.18 (June 25th lows), 97.00 (August 16th lows) and 96.92 (August 9th highs). The pair trades at 97.35 and is reported as slightly bullish on one-hour timeframe analysis by the FXstreet.com trend index along a neutral EMA20.