Source: ForexYard
The U.S. dollar dropped off its recent rally Friday morning. Analysts are suggesting the greenback is at last hitting resistance against the Japanese yen. As of early Friday afternoon, the USD/JPY had fallen from a very strong showing on Thursday and hovered close to 83.47. The recent rally against the yen surprised some traders as the Japanese currency was showing signs of life earlier in the week. The current position of the USD/JPY also remains well above the psychologically significant mark of 80.00. This could be an indication of overall confidence in the American economic recovery as well as the BoJ’s actions not quite having the effect that many were expecting.
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