Yen makes a comeback as Nikkei fails at 15,700 handle

FXstreet.com (Barcelona) – The Japanese Yen is recovering early losses as Japanese investors take profits in the Nikkei 225 ahead of the weekend. The index saw strong selling post-lunch break after a first failed attempt to take out the critical 15,700 handle.

As ANZ’s FX Strategist Tim Riddell notes: “A close above the 15,700 in the Nikkei would be seen as opening the potential for a flip towards 17,000 and a longer term retracement level of 19,200 (38.2% of the range since 1990). This positive profile is supported by the more dynamic price action seen on the push above 14,820 …read more