Now that we're in a new month, it is time to take a peek at how the U.S. dollar is faring against the Japanese yen in foreign exchange. This, of course, is especially of interest to those who are planning to take a trip to Japan.
According to Trading News:
The USD/JPY exchange rate has retreated from its recent monthly peak at 146.19, sliding to 147 after testing the 50-Day SMA at 146.34. The currency pair had rallied from a low of 142.36 earlier this month, but momentum has weakened after the Federal Reserve kept policy options open. If the pair fails to hold above the 144.60–145.90 support zone defined by Fibonacci retracement and extension clusters, the downside could accelerate toward the yearly low at 139.89. On the upside, a breakout above 148.70–150.30 remains possible if U.S. data reinforces dollar strength.
To read more, go here.
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