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USD/JPY retreats toward 106.00

FXStreet (Córdoba) - Greenback weakened during the last hour of trading in New York against European currencies and versus the yen. USD/JPY hit earlier at 106.46 a fresh 6-year high but then lost momentum and pulled back.

Recently dropped to 106.03, level located 10 pips above daily lows and currently trades at 106.15/20, up 0.13% for the day. Despite moving away from the highs USD/JPY is still headed toward the second daily gain in row and the strongest close since September 25th, 2008.

USD/JPY levels to consider

According to Valeria Bednarik, Chief Analyst at FXStreet USD/JPY needs to accelerate downward below 106.00 “to confirm a more sustainable bearish correction towards 105.40/50 price zone.”

“Renewed buying interest above 106.50 on the other hand, should deny the possibility of a bearish move and see the pair extending up to 107.20 over the upcoming 24 hours”, affirms Bednarik.

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