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22 May 2013
USD/JPY backs away from 4 ½ year high
FXstreet.com (Córdoba) - After rallying to a fresh 4 ½-year high, the US dollar lost momentum and pulled back from highs against the yen despite FOMC minutes showed some members were willing to taper the Fed QE program as early as June.
USD/JPY peaked at 103.72 following Bernanke testimony, but trimmed gains afterward, dropping over 70 pips during the American afternoon. At time of writing, USD/JPY is trading at the 102.95 zone, still up 0.5% on the day.
On the downside, immediate supports are seen at 102.60 (100-hour SMA) and 102.30 (daily lows), while resistances could be found at 103.72 (daily high) and 104.00 (psychological level).
USD/JPY peaked at 103.72 following Bernanke testimony, but trimmed gains afterward, dropping over 70 pips during the American afternoon. At time of writing, USD/JPY is trading at the 102.95 zone, still up 0.5% on the day.
On the downside, immediate supports are seen at 102.60 (100-hour SMA) and 102.30 (daily lows), while resistances could be found at 103.72 (daily high) and 104.00 (psychological level).