US dollar extends losses vs yen, hits 6-week low

FXStreet (Córdoba) – The dollar is facing renewed selling pressure which has made the currency to set fresh session lows versus most counterparts in a volatile session just two days ahead of the widely expected Fed meeting.

USD/JPY broke below the 120.60 support zone and extended losses to a fresh low of 120.33, last seen Nov 2. At time of writing, the pair is trading at 120.40, posting a 0.37% daily loss, with next downside targets seen at 120.24 (Nov 2 low) and 120.00 (psychological level).

On the other hand, resistances in case of bounces could be found at 121.60/61 (50- 200- and 100-day SMAs), the 122.25/30 area (former support zone) and then 123.00 (psychological level).

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The dollar is facing renewed selling pressure which has made the currency to set fresh session lows versus most counterparts in a volatile session just two days ahead of the widely expected Fed meeting.

(Market News Provided by FXstreet)