USD/JPY is consolidating between 97.00 and 99.50

USD/JPY is consolidating between 97.00 and 99.50 in what might turn out to be an interim high, says Mizuho Corporate Bank's Nicole Elliott. While the rate holds below the psychological 100.00 level, Elliott says a move down toward the 93.00 area is favored and for a trading strategy she suggests selling at 98.50 with a stop well above 99.75, adding to shorts on a sustained break of 97.00 to target 96.00 and 95.00. USD/JPY now at 98.40.