13 Jan 2015
USD/JPY eyes daily lows
FXStreet (Córdoba) - USD/JPY dropped back below 118.00 as stocks trimmed gains and as US yields decline. The yen strengthened in the market during the last horus.
The USD/JPY pair fell to 117.85, less than 15 pips above daily low that lie at 117.72 and currently trades at 117..89, holding a bearish tone. Below daily lows the next support could be located at 117.40 (Dec 11 low) and 117.10.
The recovery from previous lows was capped by the 118.75/85 area that has become a short term resistance and also where a descendant trendline stands in the hourly chart.
The USD/JPY pair fell to 117.85, less than 15 pips above daily low that lie at 117.72 and currently trades at 117..89, holding a bearish tone. Below daily lows the next support could be located at 117.40 (Dec 11 low) and 117.10.
The recovery from previous lows was capped by the 118.75/85 area that has become a short term resistance and also where a descendant trendline stands in the hourly chart.