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USD/JPY rebounds sharply and rises to 120.00

FXStreet (Córdoba) - USD/JPY trimmed most of the day losses during the last hours and rose back toward 120.00 as the US dollar gained momentum in the currency market. The decline that started after the FOMC decision found support so far at 119.00

USD/JPY finds support and momentum at 119.00

On European hours USD/JPY dropped further breaking previous lows and the 119.40 support area. The pair bottomed at 119.05, the lowest level since September 8. After moving in a range between 119.10 and 119.35 broke to the upside and soared.

Recently reached a session high at 119.99 and currently it trades at 119.90 still holding some bullish momentum. Currently is testing the 120.00 area.

Stocks recover, USD too

The recent rally of USD/JPY happened as stocks in Wall Street moved off lows. The Dow Jones is losing 140 points but a few minutes after the beginning of the session it was down 300 points. US bond yields are also moving off lows but not as fast as equities.

Since the beginning of the American session, the US dollar has been the best performer while the yen, despite falling versus the dollar, remained mostly steady. The euro underperformed during the last hours. EUR/USD dropped a hundred pips from the highs while EUR/JPY is trading at fresh daily lows slightly above 136.00.

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