Wednesday, September 9, 2015

USD/JPY dips back below 120.00

FXStreet (Córdoba) - USD/JPY pulled back from daily highs during the American session in a corrective movement following a sharp rally seen earlier on the day.

USD/JPY rose more than 130 pips from daily lows and reached a peak of 120.21 before losing momentum and settling just below. The pair retreated from highs back below the 120 mark, but the downside has been contained by 119.65 so far. At time of writing, USD/JPY is trading at 119.75, recording a 0.41% gain on Tuesday.

Market seems to be in transition mode now ahead of the Fed meeting next week. Later on the day, Fed’s Kocherlakota is due to speak on monetary policy, although it probably won’t be a market mover as he is a non-voter.

USD/JPY levels to watch

In terms of technical levels, next resistances are seen at 120.21 (Sep 8 high), 120.69 (Sep 3 high) and 120.78 (200-day SMA). On the flip side, supports could be found at 118.85 (Sep 8 low), 118.60 (Sep 4 low) and 118.24 (Aug 25 low).
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