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Forex pairs in this Article » USD/JPY (Córdoba) - The USD/JPY lost momentum and retraced intraday gains throughout the European session after being rejected from a fresh 6-month high during the Asian trade.

USD/JPY retreats amid profit taking

The USD/JPY found resistance at 103.37 zone and came under pressure amid profit taking, having already erased daily gains and turned negative for the day. At time of writing, the USD/JPY is trading at the 102.75 area, 0.2% below its opening price, having hit a low of 102.63 in recent dealings.

USD/JPY uptrend still active

Despite the recent setback, Stoyan Mihaylov, analyst at noted that the uptrend is still active and there is a chance for a final upswing to 103.60-70 before reversal and a sell-off towards 101.90 support zone. "Crucial on the downside is 102.80 and a violation of that low will signal, that a top is already in place", said the analyst.
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