USD/JPY back above 120.00, trims daily losses

By FXStreet FXStreet (Córdoba) – The US dollar picked up momentum and recovered ground across the board during the American session despite the latest series of disappointing economic data.

USD/JPY has recovered most of its early losses incurred on the back of BoJ decision to leave policy unchanged, having bounced from a low of 119.39, back above 120.00. At time of writing, the pair is trading at 120.12, virtually unchanged on the day, having printed a session high of 120.15 in recent dealings.

Market focus remains on Thursday’s Federal Reserve decision on monetary policy, when it will be revealed whether the bank is ready to begin the hiking cycle.

USD/JPY key levels

In terms of technical levels, immediate supports are seen at 119.39 (Sep 15 low), 119.00 (psychological level) and 118.84 (Sep 8 low). On the upside, immediate resistances could be found at 120.64 (Sep 15 high) and 120.80/83 (200-day SMA/ Sep 14 high) and 120.95 (Sep 11 high).
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Source:: FX Street