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USD/JPY holds above key support

FXstreet.com (Córdoba) – After rallying to a 6-month high of 101.91, the USD/JPY lost momentum and entered a corrective phase amid lower US yields.

However, with the pullback contained by the 101.35 zone, the pair was confined to a slim range where it has spent most of the day ahead of US housing data, consumer confidence and the Richmond Fed manufacturing index. At time of writing, the USD/JPY is trading at 101.40, 0.3% below its opening price.

USD/JPY technical outlook

“Although 101.35 support zone is still intact, I expect a break through that area to initiate a slide for 100.42 major …read more