21 Jan 2014
USD/JPY reverses daily gains
FXstreet.com (Córdoba) - The USD/JPY came under pressure during the New York session and completely retraced intraday gains, falling all the way back to the 104.00 area.
The greenback weakened during the American hours after rallying across the board supported by speculations the Fed could extend its tapering next week. The USD/JPY retreated from a high of 104.74 to a low of 104.02 in recent dealings. At time of writing, the pair is trading around 104.10, just a few pips below its opening price.
USD/JPY levels to watch
In terms of technical levels, the USD/JPY could find immediate supports at 104.00 (psychological level) and 103.85 (Jan 20 low). On the flip side, resistances are seen at 104.74 (Jan 21 high) and 105.00 (psychological level).
The greenback weakened during the American hours after rallying across the board supported by speculations the Fed could extend its tapering next week. The USD/JPY retreated from a high of 104.74 to a low of 104.02 in recent dealings. At time of writing, the pair is trading around 104.10, just a few pips below its opening price.
USD/JPY levels to watch
In terms of technical levels, the USD/JPY could find immediate supports at 104.00 (psychological level) and 103.85 (Jan 20 low). On the flip side, resistances are seen at 104.74 (Jan 21 high) and 105.00 (psychological level).