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USD/JPY makes U-turn, back to square one

FXStreet (Córdoba) - USD/JPY turned lower and retraced completely intraday gains in a matter of minutes as the dollar failed to sustain gains as stocks turned into the red in Wall Street.

USD/JPY reached a daily peak of 120.53 but then faced selling pressure and fell to the 120.00 zone before the downside was contained. At time of writing, USD/JPY is trading at 120.20, virtually unchanged on the day, after oscillating between a low of 119.62 to a high of 120.53.

USD/JPY key levels

As for technical levels, USD/JPY could find next resistances at 120.60/65 (Sep 22 & 21 highs), 120.84 (200-day SMA) and 120.98/121.00 (Sep 17 high/psychological level). On the other hand, supports are seen at 119.62 (Sep 23 low), 119.04 (Sep 18 low) and 118.60 (Sep 4 low).

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