24 Jun 2015
USD/JPY keeps range near 124
FXStreet (Mumbai) - The US dollar trades muted against the Japanese currency in the European session, with USD/JPY unable to sustain above 124 handle. The major trades lack lustre amid lack of fresh triggers as traders remain on the side lines ahead of Euro group meeting and key data from the US – Final Q1 GDP print.
USD/JPY rejected at 124.07
Currently, the USD/JPY pair trades flat at 123.93, oscillating between 20 pips range. USD/JPY retraced from 124.07 highs and fell back below 124 barrier as the pair came under renewed selling pressure as fresh sellers ran through the US dollar, sending the buck deeper into losses across the board.
The US dollar index, measuring the relative strength of the greenback against a basket of six major currencies trades -0.36% lower at fresh session lows of 95.25.
Earlier in Asia, the major remained unperturbed by eventless BOJ minutes which echoed the same old tune that the QQE is having its intended effects and the BOJ will adjust policy if needed.
Looking ahead this week, traders are keeping an eye on the third estimate of the first-quarter US GDP growth scheduled later today. While Euro group meeting on Greece reconvened later today may also provide fresh cues on the yen.
USD/JPY Technical Levels
To the upside, the next resistance is located 124.19 (June 23 High) levels and above which it could extend gains 124.45 (June 16 High) levels. To the downside immediate support might be located at 123.32 (June 23 Low) below that at 123 levels.
USD/JPY rejected at 124.07
Currently, the USD/JPY pair trades flat at 123.93, oscillating between 20 pips range. USD/JPY retraced from 124.07 highs and fell back below 124 barrier as the pair came under renewed selling pressure as fresh sellers ran through the US dollar, sending the buck deeper into losses across the board.
The US dollar index, measuring the relative strength of the greenback against a basket of six major currencies trades -0.36% lower at fresh session lows of 95.25.
Earlier in Asia, the major remained unperturbed by eventless BOJ minutes which echoed the same old tune that the QQE is having its intended effects and the BOJ will adjust policy if needed.
Looking ahead this week, traders are keeping an eye on the third estimate of the first-quarter US GDP growth scheduled later today. While Euro group meeting on Greece reconvened later today may also provide fresh cues on the yen.
USD/JPY Technical Levels
To the upside, the next resistance is located 124.19 (June 23 High) levels and above which it could extend gains 124.45 (June 16 High) levels. To the downside immediate support might be located at 123.32 (June 23 Low) below that at 123 levels.