Forex: USD/JPY corrects from highs
Forex pairs in this Article »
USD/JPY
FXstreet.com (Córdoba) - After an impressive rally, the dollar is correcting from highs versus the yen amid some profit taking as the dust settles ahead of the weekend. USDJPY rose over 150 pips from the 92.20 area toward a high of 93.83 in the wake of the G20 draft, with made no mention of a pledge to avoid currency manipulation.
However, the pair found resistance and pulled back from highs to currently quote at the 93.50 area, still up 0.7% on the day. USDJPY is also on track to close its eighth consecutive week with gains, this time for 0.9%.
On the upside, once above 93.85, next resistances are seen at 94.00 (psychological level) and 94.45 (Feb 11 high). On the downside, supports could be found at 93.35 (100-hour SMA), 93.00(psychological level) and 92.60 (intraday level).
However, the pair found resistance and pulled back from highs to currently quote at the 93.50 area, still up 0.7% on the day. USDJPY is also on track to close its eighth consecutive week with gains, this time for 0.9%.
On the upside, once above 93.85, next resistances are seen at 94.00 (psychological level) and 94.45 (Feb 11 high). On the downside, supports could be found at 93.35 (100-hour SMA), 93.00(psychological level) and 92.60 (intraday level).
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