Forex: USD/JPY retraces early gains

FXstreet.com (Córdoba) - After rallying over 60 pips throughout the Asian and European sessions propelled by opposition leader Abe's comments and month end dollar demand, USD/JPY stalled at a high of 82.74 and turned lower.

USD/JPY retraced half of its intraday gains within the last hours before the 21-hour offered support at the 82.40 zone. At time of writing, USD/JPY is trading at the 82.50 area, still up 0.5% on the day.

In terms of technical levels, Valeria Bednarik, chief analyst at FXstreet.com locates next supports at 82.30 and 82.00, while resistances are seen at 82.85, 83.10 and 83.40.

RELATED TOPICS