USD/JPY recovers above 106.00

By FXStreet The US dollar erased most of today’s losses against the Japanese yen. Greenback gained momentum across the board and boosted USD/JPY, that moved off 18-month lows that reached earlier at 105.54. From the lows, it has risen more than 75 pips.

Recently it reached 106.36, the highest level since the Asian session. Currently it trades at 106.25/30, down 0.15% for the day.

USD gains momentum

The US dollar reversed during the last hours in the market, pushing the Dollar Index (DXY) from multi-month lows at 91.80, to move toward 93.00. The yen lost strength versus the dollar but remains strong in the rest of the market, as stocks in Wall Street extend losses. The Dow Jones is falling 1.10% while the Nasdaq declines 1.28%.

USD/JPY technical levels

Resistance levels could be seen at 106.45/50 (daily high), 106.80 (May 2 high) and 107.40 (Apr 29 American session high). To the downside, support might lie at 106.05 (20-hour moving average), 105.50/55 (daily low) and 105.00 (psychological).
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Source:: FX Street