USD JPY merging around 118.00 in FOREX market
1/4/2017 9:11:15 AM
The USD/JPY pair gathered fresh bids on Wednesday and moved back closer to multi-month top. The pair, though, appears to have lost the upside momentum and has now went back few pips from session high.
Currently floating around 118.05 handle, a fresh up move in the US Treasury bond yields is seen lending support to an improved bid tone nearby the major.
On a constant move above session top near 118.23 level, the pair is likely to make a fresh effort towards retesting several month high persistence near 118.70 area before darting towards 119.10 round figure mark. On the downside, decline below 117.78 level, leading to a following fell below session low support near 117.48 area, is likely to push the pair towards 117.18 support ahead of 117.10 round figure mark.
FOREX Fundamental Analysis
Written by FxErvin