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9 Feb 2015
USD/JPY bought at 118.50; back to 118.70
FXStreet (San Francisco) - The US dollar is recovering ground against the Japanese Yen following a decline from 119.00 to 118.50 performed in the European session. After bouncing 30 pips, the USD/JPY is now testing the 117.80 area.
Currently, USD/JPY is trading at 118.68, down 0.13% on the day, having posted a daily high at 119.11 and low at 118.44. The hourly FXStreet OB/OS Index is showing neutral conditions, alongside the FXStreet Trend Index which is slightly bearish.
USD/JPY sentiment
According to Admiral Markets analyst Anil Pachal in the FXStreet Forecast Poll, "safe haven buying, together with weaker USD, can continue supporting the USD/JPY decline in near-term."
If the pair maintains its recovery tone, it will find next resistances at 119.00 and then 119.20. To the downside, supports are at 118.50, 118.00 and 117.80.
Currently, USD/JPY is trading at 118.68, down 0.13% on the day, having posted a daily high at 119.11 and low at 118.44. The hourly FXStreet OB/OS Index is showing neutral conditions, alongside the FXStreet Trend Index which is slightly bearish.
USD/JPY sentiment
According to Admiral Markets analyst Anil Pachal in the FXStreet Forecast Poll, "safe haven buying, together with weaker USD, can continue supporting the USD/JPY decline in near-term."
If the pair maintains its recovery tone, it will find next resistances at 119.00 and then 119.20. To the downside, supports are at 118.50, 118.00 and 117.80.