USD/JPY dips below 120.00 and bounces

By FXStreet FXStreet (Córdoba) – USD/JPY faced a bout of selling and fell below the 120 mark toward fresh lows, dragged down by EUR/JPY drop on the back of Draghi’s dovish remarks.

USD/JPY bottomed out at 119.63 before retracing some of its losses and remained barely unchanged following the latest string of US data, which showed the services sector continued to expand in August, although at a somewhat slower pace. The ISM non-manufacturing PMI came in at 59 down from 60.3 the previous month but above the 58.1 expected.

USD/JPY key levels

USD/JPY is currently trading at the 119.95 zone, recording a 0.31% loss on the day. In terms of technical levels, next supports are seen at 119.63 (Sep 3 low), 119.21 (Sep 2 low) and 119.00 (psychological level). On the flip side, resistances could be found at 120.76 (200-day SMA), 121.00 (psychological level) and 121.25 (Sep 1 high).
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Source:: FX Street