FXStreet (Córdoba) - The USD/JPY finally filled the weekly opening gap and slid back below the 104.00 mark after being rejected from fresh 7-month highs.



The USD/JPY found resistance at the 104.25 area and began to move lower, but with the subsequent pullback was contained by 103.85, the pair is back hovering around the psychological level. At time of writing, the USD/JPY is trading at 104.03, up 0.1% on the day.



The Chicago Fed index of national activity rose slightly in July (0.39 vs 0.21 prev) but had little impact on the USD, which is taking a breather after last sessions' rally.



“Having rallied briskly in early Asian trade, the dollar is consolidation mode early in the US. More monetary action from the ECB and BOJ is expected but we are probably some months away from the actual launch of new policy”, said Jamie Coleman, editor at FXBeat. “The dollar should retain a firm footing but rallies will not be in a straight line. They rarely are”.



You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    Pound May Rise as 2Q UK GDP Data Boosts BOE Rate Hike Bets

  2. Forex News

    USD/JPY Technical Analysis: Trying to Clear Path Sub-123.00

  3. Forex News

    Kiwi strongest in Asia, UK Prelim Q2 GDP - Key

  4. Forex News

    USD/JPY swings back higher to 123.50

  5. Forex News

    Risk Aversion Builds Pace, Pound Faces Volatility on UK GDP Data

Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!