USD/JPY approaches 117.00 as yen gains momentum

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 11, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - USD/JPY found resistance below 118.00 and the recovery lost strength. From there is pulling back and it approached 117.00. Currently trades at 117.35, at the lowest level since early European session with the yen gaining momentum in the market.

    USD/JPY levels

    The pair bottomed at the beginning of the week at 116.66, the lowest level since August and then bounced to the upside as the tone across financial markets improved. Greenback peaked at 118.02 but then reversed and turned to the downside.

    So far the area around 117.30 capped the decline, but below attention would turn to 117.00 and then, the next support could be seen around daily lows at 116.60/65. On the opposite direction, the pair needs to rise above the 20-hour MA to gain momentum; the next resistance is located between 118.00/05 (daily high) and 118.10 (100-hour MA).

    Wall Street losses gains, oil plummets

    Stocks in the US opened in positive but failed to hold to gains. At the moment, the Dow Jones is falling 0.07% and the Nasdaq declines 0.60%. Crude oil is trading at the lowest since 2003, with the WTI barrel under $31.60.
    For more information, read our latest forex news.

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