USD JPY fluctuated in the Forex market
12/21/2016 10:12:53 AM
in Forex Market, The USD/JPY pair fluctuated between tepid gains and slight declines within a 60-pips wider range below 118.10 handle and is now heading towards the lower end of daily range.
At present trading with slight bearish bias around 117.57 region, extensive based dollar retracement has been the key factor restraining the pair below 118.10 handle. Investors appeared motivated to take some profits off the table ahead of year-end holidays and following the pair's strong rally to 10-month highs.
On the downside, 116.97 handle is likely to act as immediate support, which if broken might quicken the slide towards weekly low support near 116.57 region ahead of the next major support near 116.10 zone. On the upside, continued momentum above 117.90 handle, leading to a following break through 118.27 persistence, should open room for an immediate up-move towards multi-month high persistence near 118.67, en-route 119.10 round figure mark.
FOREX Fundamental Analysis.
Written by FxErvin