USD/JPY nears the 102.00 resistance
USD/JPY has recovered to 101.80 after having dipped to 101.15 earlier in the session. The pair remains in a bullish channel and is now close to a 6-month high of 101.90, reached on Monday.
“The dollar went through a correction after the recent rapid rally and ahead of the US holidays,” Mizuho analysts say. “However, the USD bearish move can't be deep as there are no real threats for the risk sentiment right now”.
Analysts expect further sales of JPY against the dollar and other major currencies until the end of the year. “USD/JPY will rise to 103.74, while a downward correction is likely to be limited at 100.62 in the near future”.
Chart. H4 USD/JPY