Forex: USD/JPY backs away from 2-week highs (Córdoba) - After closing last week above 77.00, and setting a fresh 2-week high of 77.25 during the Asian session, the Dollar lost momentum against the Yen and retraced most of its Friday's gains as the Japanese currency is favored amid global growth concerns.

USD/JPY dropped near 50 pips and bottomed out at 76.75 during the European session, however, the pair managed to bounce slightly toward the 76.95 area afterward. At time of writing, the cross is quoting at the 76.85 zone, recording a 0.29% loss on the day.

On the upside, next resistance levels could be found at 77.00/10, followed by recent highs at the 77.25 zone and the 77.40 area. On the downside, immediate supports might be encountered at 76.75, 76.50 and 76.10 ahead of its all-time low of 75.94.

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