USD/JPY erases intraday gains

FXStreet (Córdoba) - USD/JPY failed to sustain gains and turned south, dropping nearly 100 pips during the last hours as the greenback retraces gains at the beginning of the American session.

USD/JPY pulled away from a 3-week high of 120.83 scored earlier on the day and fell all the way to 119.88 before finding support. At time of writing, the pair is trading at the 120.15, little changed on the day.

USD/JPY levels to watch

In terms of technical levels, USD/JPY could find immediate supports at 119.88/85 (daily low/200-hour SMA), 119.63 (Apr 8 low) and 119.42 (Apr 7 low). On the flip side, resistances are seen at 120.83 (daily high), 121.00 (psychological level) and 121.19 (Mar 20 high).