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USD/JPY trims daily losses

FXStreet (Córdoba) - The USD/JPY has managed to trim daily losses after a spark of risk aversion sent the pair to 2-week lows at the 101.50 area earlier on the day.

Escalating geopolitical tensions and news that Obama authorized targeted airstrikes in Iraq set cautious among investors and benefited the yen, the franc and gold. However, jitters receded as the European session advanced with equities also recovering ground.

The USD/JPY found support at a low of 101.50 and has recouped nearly 50 pips over the last hours to currently trade just below the 102.00 level, still 0.14% below its opening price. The pair is also on track to record a weekly loss after failing to consolidate above the 103.00 mark.

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