4 Jun 2015
USD/JPY testing highs around 124.70
FXStreet (Edinburgh) - The Japanese yen continues to depreciate vs. the US dollar on Thursday, now lifting USD/JPY to daily tops in the 124.65/70 band.
USD/JPY firmer despite USD-softness
After bottomed out around 123.80 during the European morning, spot gathered steam following comments by BoJ’s Y.Harada, who argued that the ‘excessive yen strength has been corrected’.
Spot advanced further after market participants factored in the positive results from the weekly report on the US labour market with Wednesday’s ADP auspicious results in light of May’s Non-farm Payrolls due tomorrow.
In another direction, Fed’s D.Tarullo said the US economy ‘lost some momentum’, while he casted a mantle of doubts regarding the recovery during the second quarter.
USD/JPY levels to consider
The pair is now up 0.20% at 124.50 facing the next hurdle at 124.68 (high Jun.3) ahead of 125.07 (2015 high Jun.2) and then 126.00 (psychological level). On the other side, a breakdown of 123.79 (low Jun.3) would open the door to 123.75 (low Jun.2) and finally 123.61 (23.6% of 118.89-125.07).
USD/JPY firmer despite USD-softness
After bottomed out around 123.80 during the European morning, spot gathered steam following comments by BoJ’s Y.Harada, who argued that the ‘excessive yen strength has been corrected’.
Spot advanced further after market participants factored in the positive results from the weekly report on the US labour market with Wednesday’s ADP auspicious results in light of May’s Non-farm Payrolls due tomorrow.
In another direction, Fed’s D.Tarullo said the US economy ‘lost some momentum’, while he casted a mantle of doubts regarding the recovery during the second quarter.
USD/JPY levels to consider
The pair is now up 0.20% at 124.50 facing the next hurdle at 124.68 (high Jun.3) ahead of 125.07 (2015 high Jun.2) and then 126.00 (psychological level). On the other side, a breakdown of 123.79 (low Jun.3) would open the door to 123.75 (low Jun.2) and finally 123.61 (23.6% of 118.89-125.07).