USD JPY progressing its lost ground
11/16/2016 11:03:13 AM
After a first downtrend to session through level near 108.85 region, the USD/JPY pair managed to make progress its lost ground and has now moved back above 109 handle.
Now trading 109.25 band, almost unmoved from yesterday's closing level, the pair has now moved within significant distance of Tuesday's several month high level near 109.35 region. Boosting investor risk appetite, as shown by an increase in Tokyo's Nikkei 225 to its highest level since February, is more denting the JPY’s safe-haven appeal and providing an additional improvement to the major.
Momentum above 109.35 is likely to get expanded towards 109.60 before the pair darts towards 110 psychological mark. On the downside, continued decline below 108.85 might cause a corrective slide towards 108.00 handle with 108.50 area acting as intermediate support.