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A sharp rebound in investor sentiment has seen the Japanese Yen decline more than 1.2% against the US dollar since the start of the week.
- The US dollar gained 0.38% on the yen to trade at ¥120.26 on Wednesday morning in Tokyo.
- Global equity markets experienced a strong rebound on Wednesday.
- Both the Nikkei and Topix indices in Japan were traded more than 4% higher, the biggest gains since October when the Bank of Japan announced additional monetary easing.
- Japanese exporter sales likely reason for top-heaviness.
- USD/JPY topside limited despite almost 1000-point surge in Nikkei.
- Initial Resistance are seen around 120.45, 120.71 levels, support is seen at 119.58 levels.
