XE Market Analysis: Europe – Jan 17, 2018

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The dollar staged a bounce after posting fresh lows versus the yen, euro, and a number of other currencies during the early part of the Tokyo session. USD-JPY posted a new four-month low at 110.19, completing a run of seven consecutive down sessions, before recouping to the upper 110.0s. The price action was similar to that seen in Tokyo trading yesterday, when the pair lifted from sub 110.50 levels to near 111.00. The 110.00 level is reportedly seen as a major support level by Japanese corporations, being near to the Tankan survey’s consensus forecast rate.