Back
20 Dec 2013
USD/JPY reverses gains, dips below 104.00
FXstreet.com (Córdoba) - The USD/JPY retreated sharply from fresh 5-year highs as the greenback loses momentum across the board and cuts daily gains.
The USD has already reversed all the GDP-propelled gains and it has even fallen to negative ground versus the yen. The USD/JPY pulled back from a high of 104.63 to a fresh daily low of 103.98 in recent dealings, before finding support. At time of writing, the pair is trading at the 104.00 region, down 0.2% on the day.
USD/JPY levels to watch
In terms of technical levels, the USD/JPY could face immediate supports at 103.98 (daily low) and 103.77 (Dec 19 low). On the flip side, resistances could be found at 104.63 (5-year high) and 105.00 (psychological level).
The USD has already reversed all the GDP-propelled gains and it has even fallen to negative ground versus the yen. The USD/JPY pulled back from a high of 104.63 to a fresh daily low of 103.98 in recent dealings, before finding support. At time of writing, the pair is trading at the 104.00 region, down 0.2% on the day.
USD/JPY levels to watch
In terms of technical levels, the USD/JPY could face immediate supports at 103.98 (daily low) and 103.77 (Dec 19 low). On the flip side, resistances could be found at 104.63 (5-year high) and 105.00 (psychological level).