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USD/JPY holding on above 107.00

FXStreet (Edinburgh) - The upside momentum around the greenback remains intact towards the end of the week, pushing the USD/JPY to fresh lows near 107.40.

USD/JPY retreats from highs

After posting fresh peaks well above the 107.00 mark overnight, spot is now giving away partial gains and retuning to the 107.15/10 band. The USD strength continues to be the main force diving the pair North, although market chatter regarding the likeliness of another round of BoJ easing would be collaborating as well. US Retail Sales and the Michigan/Reuters index due later will surely bring some extra volatility, leaving the door open for an extension of the up move. “USD/JPY is set to break further higher but similar to AUD/USD, some caution is warranted as we go into the key FOMC meeting next week”, warned Derek Halpenny, European Head of Global Markets Research at BTMU.

USD/JPY levels to watch

At the moment the pair is up 0.04% at 107.15 and a surpass of 107.39 (high Sep.12) would open the door to 108.04 (high Sep.19 2008) and then 108.42 (high Sep.9 2008). On the flip side, the initial support aligns at 106.64 (low Sep.11) followed by 106.04 (low Sep.10) and finally 105.95 (low Sep.9).

Session Recap: USD steady with risk events in focus

Another quiet European session Friday has seen majors consolidating in narrow ranges as investors refrain from taking big positions ahead of the Scottish referendum and the Fed meeting next week.
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