Saturday, September 12, 2015

USD/JPY drops on Friday, ends week higher

FXStreet (Córdoba) - USD/JPY is moving toward Friday’s low that lie at 120.35 near the end the week. The pair approached during the Asian session 121.00 but then turned to the downside and bottomed at 120.35.

On a quiet market the pair moved sideways most of the day, in negative territory but still up for the week. Currently it trades at 120.45/50, 150 pips above where it was seven days ago.

The yen weakened in the market amid some risk appetite and lost ground against majors. Greenback outperformed the Japanese currency but also ended the week mostly lower compared to most of its rivals.

USD/JPY up after four weeks

The pair is having the best weekly result since July and the first gain after falling during four weeks in a row. Despite the recovery USD/JPY still remains below the key short term support located around 122.00, that is also around the weekly 20-EMA.

Next week volatility could jump in the pair considering that the Federal Reserve decision on Wednesday is likely to have a strong impact on the US dollar, the bond market and equities.
For more information, read our latest forex news.

No comments:

Post a Comment