USD JPY jumped back to boost in forex market
1/18/2017 3:35:59 PM
Having reached a new 6 week low near 112.65 area in forex market, the USD/JPY pair showed a fair jump and built on to its recovery back above 113.15 handle.
At present trading around 113.27 area, refreshing US Treasury bond yields is helping the dollar to back part of yesterday's sharp slide. On Tuesday, the key USD Index dropped sharply after the US President-elect Donald Trump and his senior adviser commented over the risk of a stronger dollar.
The continuing recovery move is probable to confront immediate persistence near 113.67 level above which the pair is probable to head towards testing 50-day SMA persistence near 113.88 area ahead of 114.05 round figure mark.
On the downside, 112.65 level now appears to have arisen as immediate support, which if broken is probable to speed up the slide towards 112.15 round figure mark with some intermediate support near 112.37 level.
FOREX Fundamental Analysis
Written by FxErvin