USD/JPY falls to test 119.00 after Dudley comments

Matías Salord FXStreet

FXStreet (CÃ³rdoba) - USD/JPY reversed the intraday trend and dropped reaching levels under 119.00. Greenback was gaining momentum across the board but reversed after New York Fed President, William Dudley commented that a rate hike in September seem less compelling for him.

After US economic data USD/JPY hit the strongest level of the day at 119.92. It lost strength near the 120.00 area and pulled back modestly. During the last hours dropped further under the hourly 20-SMA average.

So far it has been able to hold above 119.00 and is trades at 119.20, slightly above the level it had at the beginning of the day.

USD/JPY technical levels

To the upside, resistance levels might now lie at 119.35/40, 120.00 and 120.70. On the opposite direction, the immediate support could be located at 118.95, 118.40/45 (daily low) and 117.80.

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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