8 Dec 2014
USD/JPY backs away from 7-year highs
FXStreet (Córdoba) - Despite broad dollar strength, USD/JPY retreated after hitting fresh 7-year highs and slid toward the 121.00 area amid profit taking.
USD/JPY reached a high of 121.83 at the weekly opening, extending gains after a very strong US nonfarm payrolls report and supported by higher US yields. However, the pair failed to sustain gains and pulled back from highs, falling to as low as 121.01 before finding support. At time of writing, USD/JPY is trading at 121.10, down 0.25% on the day.
USD/JPY levels to watch
As for technical levels, immediate supports are seen at 121.00 (psychological level), 120.23 (Dec 4 high) and 120.00 (psychological level). On the flip side, resistances could be found at 121.83 (2014 high Dec 8), 122.00 (psychological level) and 122.42 (Jul 20 2007 high).
USD/JPY reached a high of 121.83 at the weekly opening, extending gains after a very strong US nonfarm payrolls report and supported by higher US yields. However, the pair failed to sustain gains and pulled back from highs, falling to as low as 121.01 before finding support. At time of writing, USD/JPY is trading at 121.10, down 0.25% on the day.
USD/JPY levels to watch
As for technical levels, immediate supports are seen at 121.00 (psychological level), 120.23 (Dec 4 high) and 120.00 (psychological level). On the flip side, resistances could be found at 121.83 (2014 high Dec 8), 122.00 (psychological level) and 122.42 (Jul 20 2007 high).