FXStreet (Córdoba) – USD/JPY posted important gains on Friday and managed to move off weekly lows. The pair finished the week trading around 119.50, 75 pips below the level it had seven days ago but 150 pips above Thursday’s lows.
The US dollar started to recover during Thursday’s American session after the release of inflation data from the US and also the yen lost strength amid risk appetite.
USD/JPY avoids a key weekly close
On Tuesday and Wednesday the pair dropped sharply and fell below key technical levels but then, found support at 118.00 and bounced to the upside. During Friday’s American session climbed further and peaked at 119.65, the highest level in two days. It pulled back afterwards to end the week hovering around 119.45.
The bias continues to favor the yen, but greenback was able to avoid a weekly close below 118.80, that would have been the lowest since February, giving signals of a bearish continuation.
(Market News Provided by FXstreet)