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US dollar drops to 1-weeks lows against yen under 121.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 22, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - US dollar weakened during the American session and pushed USD/JPY to the downside, breaking below 121.00. The pair bottomed so far at 120.72, the lowest level since December 15.

    Currently it remains near the lows, still under pressure, with the US dollar hitting fresh lows versus the euro and the Swiss franc. The yen extended gains versus greenback despite rising US government bond yields.

    Stocks in Wall Street are in positive territory but moved off session highs. The Dow Jones is up 0.22% and the Nasdaq gains 0.26%. Gold remains unchanged while crude oil is now back in positive territory with the WTI barrel above $36.

    USD/JPY: technical level

    To the upside, resistance levels might now be seen at 120.85 (Dec 21 low), 121.05/10 (20-hour MA) and 121.30/35 (daily high). On the opposite direction, support could be located at 120.70 (daily low), 120.55 (Dec 11 & 15 high) and 120.30 (Dec 14 low).
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