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USD/JPY recovers ground, back above 118.00

FXStreet (Córdoba) - USD/JPY bounced back above the 118.00 mark after hitting a daily low of 117.73 at the beginning of the New York session.

USD/JPY fell to test lows sub-118.00 after the first round of US data, but existing home Sales and Philly Fed manufacturing beats triggered a rebound. At time of writing, the pair is trading at 118.20, 0.20% above its opening price, having backed away from a 7-year high of 118.97 scored earlier on the day.

USD/JPY levels to watch

On the upside, USD/JPY could find resistances at 118.97 (2014 high Nov 20), 119.00 (psychological level) and 119.75 (Aug 9 2007 high), while on the downside, supports are seen at 117.73 (Nov 20

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