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15 Sep 2015
USD/JPY erases all losses, rises 100 pips from lows
FXStreet (Córdoba) - USD/JPY has risen more than a hundred pips from daily lows and is back into positive territory for the day.
A weak JPY, a stronger USD
The yen weakened in the market and boosted the USD/JPY pair. Stocks in Wall Street rose further. Now the Dow Jones is up 1.40% and the Nasdaq 1.10%. US government bond yields are rising sharply.
USD/JPY recently reached 120.50 after bottoming hours ago at 119.39. Currently is testing the resistance area around 120.50 and above here the next potential barrier is located at 120.65 and 121.05.
On the opposite direction, support level might lie at 120.20, 119.85/90 and 119.40 (daily low). “The pair needs to break below the mentioned daily low, also the 38.2% retracement of its latest weekly decline, to confirm a bearish continuation towards 118.80”, said Valeria Bednarik, Chief Analyst at FXStreet.
A weak JPY, a stronger USD
The yen weakened in the market and boosted the USD/JPY pair. Stocks in Wall Street rose further. Now the Dow Jones is up 1.40% and the Nasdaq 1.10%. US government bond yields are rising sharply.
USD/JPY recently reached 120.50 after bottoming hours ago at 119.39. Currently is testing the resistance area around 120.50 and above here the next potential barrier is located at 120.65 and 121.05.
On the opposite direction, support level might lie at 120.20, 119.85/90 and 119.40 (daily low). “The pair needs to break below the mentioned daily low, also the 38.2% retracement of its latest weekly decline, to confirm a bearish continuation towards 118.80”, said Valeria Bednarik, Chief Analyst at FXStreet.