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USD/JPY fails to hold above 116.00

FXStreet (Córdoba) - USD/JPY printed a fresh 7-year high at 116.09 during the European session but lost momentum and pulled back below 116.00 as the US dollar weakened in the market.

The pair failed to hold on top off 116.00 and ahead of Wall Street opening dropped to 115.54. Stock futures point to a positive opening in the US, while European markets are also rising.

USD/JPY levels to watch

The area around 115.50/55 is the immediate support level to consider, below here the next comes at 115.10 and 114.60 (daily low). To the upside, 116.00 continues to offer resistance.

Despite moving off daily highs, USD/JPY still holds more than 50 pips above yesterday’s closing price, headed toward the highest daily close since October 18, 2007.

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