5 Jun 2015
USD/JPY off highs near 124.45
FXStreet (Mumbai) - The US dollar defends mild gains versus the Japanese currency in the mid-Asian trades, with USD/JPY retreating from session highs at 124.57, as the greenback remains supported across the board following upbeat jobless claims numbers released yesterday as traders now brace for the upcoming US payrolls data for fresh hints on the timing of the Fed lift-off.
USD/JPY sits near 13-year highs
Currently, the USD/JPY pair trades 0.08% higher at 124.47, having previously posted day’s high at 124.57 and day’s low at 124.36. The USD/JPY pair remains lifted largely on the back of broad based US dollar strength after Thursday’s jobs data outpaced estimates, adding to positive ADP jobs and trade data from the US.
Moreover, the yen remains undermined reacting mainly to the diverging prospects for monetary policy in Japan and the US, where the interest rate differential favours greenback buyers. The recent series of upbeat US macro releases adds to speculation of a Fed rate hike as early as Sept this year.
USD/JPY Technical Levels
To the upside, the next resistance is located at 124.69 (June 3 High) levels and above which it could extend gains 124.93 (June 1 High) levels. To the downside immediate support might be located at 124 below that at 123.76 (June 4 Low) levels.
USD/JPY sits near 13-year highs
Currently, the USD/JPY pair trades 0.08% higher at 124.47, having previously posted day’s high at 124.57 and day’s low at 124.36. The USD/JPY pair remains lifted largely on the back of broad based US dollar strength after Thursday’s jobs data outpaced estimates, adding to positive ADP jobs and trade data from the US.
Moreover, the yen remains undermined reacting mainly to the diverging prospects for monetary policy in Japan and the US, where the interest rate differential favours greenback buyers. The recent series of upbeat US macro releases adds to speculation of a Fed rate hike as early as Sept this year.
USD/JPY Technical Levels
To the upside, the next resistance is located at 124.69 (June 3 High) levels and above which it could extend gains 124.93 (June 1 High) levels. To the downside immediate support might be located at 124 below that at 123.76 (June 4 Low) levels.