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Not much of a lasting rebound for the USD/JPY heading into the 4pm London Fix
Earlier today the break below an important level (155.23) on the USD/JPY prompted a raft of fresh session as the dollar eventually fell as low as 154.06. Since then attempts to rebound have been capped at 154.80 and the dollar is falling back again right now heading into the 4pm London FX fix.
The risks of further downside given the break below 155.23 simply cannot be ruled out. On the flip side of that it remains to be seen if 155.23 will be tested on the way back up, if there is another rally in the dollar of course. All things being equal 155.23 should provide some resistance, if the dollar does recover. The USD/JPY is right now at 154.33
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Not much of a lasting rebound for the USD/JPY heading into the 4pm London Fix
Earlier today the break below an important level (155.23) on the USD/JPY prompted a raft of fresh session as the dollar eventually fell as low as 154...