USD/JPY: fresh highs lost to June hike fears – FXStreet

By FXStreet Valeria Bednarik, chief analyst at FXStreet explained that the USD/JPY pair was unable to rally beyond the 61.8% retracement of its latest bearish run at 109.55, having, however, managed to post a fresh weekly high of 109.63.

Key Quotes:

“US positive data was not enough to boost the pair, as US stocks turned sharply lower after a strong opening, on speculation the FED may act next June.”

“The pair held above the 50% retracement of the same rally around 108.70, maintaining a neutral stance in the short-term, but with the downside limited, given that in the 1 hour chart, the price is holding above its 100 SMA, whilst the technical indicators have lost upward strength, but remain within positive territory.”
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Source:: FX Street