OctaFX | OctaFX Forex Broker
Open trading account
Back

USD/JPY fails to rally above 108.00

FXStreet (Córdoba) - The yen remains strong in the currency market amid risk aversion but against the US dollar continues to move in ranges. USD/JPY climbed momentarily above 108.00 but failed to hold and pulled back.

After Wall Street opening bell the pair trades at 107.80, at the same level it had at the beginning of the day.

USD/JPY rangebound, consolidating weekly losses

Yesterday the pair bottomed at 107.51 (3-week low) and since then it has been moving sideways with resistance below 108.20 and support at 107.60. To the upside, greenback was unable to consolidate above 108.00.

The pair is headed toward the first weekly decline since early August and the worst since January. On Monday it was trading around 109.70 and then made a bearish correction, of more than 200 pips.

Fed's Plosser: Policy moves should depend on data

Philadelphia Fed president Charles Plosser said on Friday that the FOMC should cease referring in its statements to specific time brackets in which certain policy moves could be made. The actions should rather be dependent on data, such as inflation.
Read more Previous

Expect further rate cuts in Poland – Danske Bank

Analysts at Danske Bank assessed the recent decision of the NBP to cut the repo rate by 50 bps, taking it to 2.0%...
Read more Next
Start livechat