USD/JPY rises back above 118.00 as Wall Street trim losses

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 7, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - USD/JPY moved further away from 4-month lows that reached earlier at 117.31 and hit levels on top of 118.00, trimming losses as stocks in Wall Street also moved off daily lows.

    JPY retreats

    The Japanese currency pulled back across the board and is now even posting losses against the euro. The Dow Jones is falling 195 points but rose more than a hundred during the last hour as crude oil recovered and after Chinese market authorities suspended circuit breaker rules.

    Equities in Europe also trimmed losses and the improvement in the mood of investors gave an impulse to commodity and emerging markets currencies, that were still lower for the day.

    USD/JPY broke above 117.70 and climbed to 118.15. It was trading back below 118.00, headed toward the fifth daily decline in a row. Despite moving away from the lows is about to post the weakest close since February 2015.
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