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27 Aug 2015
USD/JPY continues to recovers, breaks above 121.00
FXStreet (Córdoba) - The US dollar continues to recover ground against the yen after Monday’s selloff and recently printed a fresh daily high above 121.00. Now USD/JPY is less than a hundred pips below the level is closed last Friday, after being at a certain point on Monday, down almost 600 pips.
The yen is falling in the market as stocks in the US extend gains. The Dow Jones is now up 1.86% or 300 points while the Nasdaq gains 2.18%. Greenback remains strong against European rivals but is falling versus commodity and emerging market currencies.
USD/JPY at 3-day highs
The pair peaked at 121.21. Earlier broke above 120.50 after US GDP data, stabilized and recently rose further. USD/JPY is rising for the third day in a row and is back above the 120.30/50 important area. Despite the strong rally the pair could still face some pressure, as current movement could be seen as a correction.
To the upside, the next resistance area could be located at 121.40/50 and above here 122.40 followed by 123.10.
The yen is falling in the market as stocks in the US extend gains. The Dow Jones is now up 1.86% or 300 points while the Nasdaq gains 2.18%. Greenback remains strong against European rivals but is falling versus commodity and emerging market currencies.
USD/JPY at 3-day highs
The pair peaked at 121.21. Earlier broke above 120.50 after US GDP data, stabilized and recently rose further. USD/JPY is rising for the third day in a row and is back above the 120.30/50 important area. Despite the strong rally the pair could still face some pressure, as current movement could be seen as a correction.
To the upside, the next resistance area could be located at 121.40/50 and above here 122.40 followed by 123.10.