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USD/JPY soars to 4-week highs

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 23, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - USD/JPY continued to rise during the American session and printed a fresh daily high at 120.75, hitting the strongest level since September 25. The pair remains near the highs as the US dollar continues to rally against European currencies. Stocks in Wall Street are rising sharply: Dow Jones is up 1.72% and the Nasdaq climbs 1.62%.

    USD/JPY continues to rise and challenges key resistance

    Greenback dropped against the yen during the Asian session and bottomed at 119.60, the lowest level in two days; then stabilized and after Mario Draghi’s press conference jumped to the upside. Initially rose to 120.50 but broke above and extended gains.

    Currently is trading at 120.60, a hundred pips above daily lows and headed toward the sixth daily gain in a row and highest in more than a months.

    The recent rally brought the price from the lowest in almost two months to test the upper limit of the September trading range. Back then, USD/JPY was unable to make a clear break of 121.00; it even failed to post a daily close above 120.70. It if managed to do so it would post the highest close since August and would open the doors to more gains.
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