USD/JPY hits fresh lows below 113.50

By FXStreet USD/JPY broke below 113.60 (European session low) and dropped to 113.46 hitting a fresh daily low. The pair is trading around 113.55, down 50 pips from yesterday’s closing price.

The Japanese currency is among the top performers on Thursday supported by a decline in stocks and by a rally in US bonds. The Dow Jones started the day in positive territory but failed to hold to gains and it was falling 0.20%.

USD/JPY levels to watch

So far, the price remained above 113.35 where Wednesday’s lows are located; a break below and a consolidation would expose 113.00; the next support could be seen at 112.65/70 (intraday level) and 110.98 (Feb 11 low).

On the opposite direction, immediate resistance levels are seen at 113.70 and then 113.90 (20-hour moving average): a consolidation above 113.90 could give momentum to the US dollar for an extension to test yesterday’s highs located at 114.50.
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Source:: FX Street