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USD/JPY recovery finds resistance below 107.60

FXStreet (Córdoba) - USD/JPY bottomed during Asian session at 107.05, the lowest price since September 16 and on European hours trimmed losses and recovered ground. The rise from 107.05 found resistance below 107.60.

After reaching 107.57 the pair turned to the downside, approaching daily lows. Currently trades at 107.30/35, down 0.31% for the day so far, headed toward the third daily loss in a row.

Lee Hardman, currency analyst at The Bank of Tokyo-Mitsubishi UFJ pointed out that recent comments from Federal Reserve officials weakened USD/JPY. “Recent comments from Fed members which have displayed concern over slowing growth overseas, falling commodity prices and a stronger US dollar signal that the first rate hike from Fed may be delayed until later in 2015 which is helping to both dampen US dollar strength in the near-term and offer some respite for hard hit emerging market currencies”.

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