FXstreet.com (CÃ³rdoba) - The Dollar jumped against the Yen during the American session but failed to stay above 94.60. From there USD/JPY started to fall, finding support at 94.20. Greenback is heading toward a daily gain on Friday, despite falling to a 3-week low at 93.42 just before the opening bell at Wall Street. From there the pair rocketed to 94.71 (intra-day high). The pair is heading toward a second week in a row with losses.
The FastBrokers Research Team afirms: The USD/JPY's about face shows the level of uncertainty surrounding the viability of the Dollar. Investors are suddenly more comfortable buying the Dollar after a series of positive global economic data. However, the USD/JPY still clearly faces significant downward pressure, and it will take more than one session of data to turn things around. On the other hand, we're sure it's comforting for the BOJ to see the USD/JPY forming some sort of bottom as the currency pair tries to get back to its psychological 95 level.