USD/JPY crumbles below 118.00

FXStreet (Córdoba) – USD/JPY came under strong pressure amid a broad USD sell-off and lost almost 200 pips since the beginning of the American session, breaking below several support levels.

USD/JPY plummeted and dipped below the 118.00 level, as stocks losses added momentum, to hit a fresh 2-week low of 117.50 before finding support. Having recovered from session lows, USD/JPY is currently trading at 118.05, still recording a 1.6% daily loss.

USD/JPY technical levels

As for technical levels, next supports are seen at 117.50 (Feb 3 low), 116.46 (Jan 21 low) and 115.96 (Jan 20 low). On the other hand, immediate resistances could be faced at 120.00/03 (psychological level/Feb 3 high), 120.23 (50-day SMA) and 120.58 (100-day SMA).

USD/JPY came under strong pressure amid a broad USD sell-off and lost almost 200 pips since the beginning of the American session, breaking below several support levels.

(Market News Provided by FXstreet)