Forex: USD/JPY continues to recover ground
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USD/JPY
FXstreet.com (Córdoba) - The dollar managed to recover more ground versus the yen during the New York session as despite the strong risk aversion environment, Japan's authorities jawboning seems to keep investors away from adding yen long positions.
USDJPY found support at a 7-week low of 77.94 and bounced during the European session, having climbed more than 40 pips ever since to trade at the 78.35/38 area, still 0.1% below its opening price.
"As short-term conditions remain firmly bearish and key barriers still intact, current move is seen as consolidation before bears take control", says Slobodan Drvenica, analyst at Windsor Brokers Ltd. "Below 78.00, 77.65 at 77.36/00 zone comes next. At the upside, regain of 79.00 is required to delay bears, with interim resistances at 78.68/79".
USDJPY found support at a 7-week low of 77.94 and bounced during the European session, having climbed more than 40 pips ever since to trade at the 78.35/38 area, still 0.1% below its opening price.
"As short-term conditions remain firmly bearish and key barriers still intact, current move is seen as consolidation before bears take control", says Slobodan Drvenica, analyst at Windsor Brokers Ltd. "Below 78.00, 77.65 at 77.36/00 zone comes next. At the upside, regain of 79.00 is required to delay bears, with interim resistances at 78.68/79".
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