24 Mar 2015
USD/JPY rebounds and rises toward 120.00
FXStreet (Córdoba) - Greenback gained momentum after Wall Street opening bell and recovered ground across the board. The USD/JPY pair rebounded and printed a fresh daily high at 119.98.
Currently trades at 119.70, at the same level it close yesterday. Earlier, after the release of CPI data in the US bottomed at 119.20, the lowest level since February 27. Then the pair gained upside momentum, following new home sales data and the Markit PMI manufacturing report.
USD/JPY recovers but remains under pressure
The pair was able to erase losses and it could end unchanged after falling more than 150 pips during the previous two days. Despite moving away from the lows, the pair is still facing pressure in the short term. So far the area between 119.00 and 119.30 capped the downside. A break lower could trigger another bearish run.
Currently trades at 119.70, at the same level it close yesterday. Earlier, after the release of CPI data in the US bottomed at 119.20, the lowest level since February 27. Then the pair gained upside momentum, following new home sales data and the Markit PMI manufacturing report.
USD/JPY recovers but remains under pressure
The pair was able to erase losses and it could end unchanged after falling more than 150 pips during the previous two days. Despite moving away from the lows, the pair is still facing pressure in the short term. So far the area between 119.00 and 119.30 capped the downside. A break lower could trigger another bearish run.