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USD/JPY backs away from 4 ½ year high

FXstreet.com (Córdoba) - After rallying to a fresh 4 ½-year high, the US dollar lost momentum and pulled back from highs against the yen despite FOMC minutes showed some members were willing to taper the Fed QE program as early as June.

USD/JPY peaked at 103.72 following Bernanke testimony, but trimmed gains afterward, dropping over 70 pips during the American afternoon. At time of writing, USD/JPY is trading at the 102.95 zone, still up 0.5% on the day.

On the downside, immediate supports are seen at 102.60 (100-hour SMA) and 102.30 (daily lows), while resistances could be found at 103.72 (daily high) and 104.00 (psychological level).

EUR/JPY collapses to 132.20

The Euro is currently trading lower against the Japanese yen and after falling around 160 pips from 133.80 in the American session, the EUR/JPY is testing now the 123.20 area.
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Wall Street closes lower on QE tapering concerns

The US stocks market closed negative on Wednesday as investors were concerned on Fed tapering QE. Bernanke's speech and FOMC minutes leave the sensation that the board is divided about what to do on bond buying. Wall Street finished the day into solid losses after retracing from fresh all time highs.
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