25 Jun 2015
USD/JPY: Bulls striving for 124
FXStreet (Mumbai) - The US dollar trades modestly flat against the Japanese currency in early moves, with USD/JPY keeping range below 124 handle. The major trades slightly bid kicking-off a data-empty Asian calendar with markets now shifting attention towards today’s US PCE Inflation data and Japanese CPI figures due tomorrow.
USD/JPY moves away from weekly highs
Currently, the USD/JPY pair trades flat at 123.88, returning back to 123 handle. The pair consolidates this session as markets continue to digest US Q1 GDP final revision released on Wednesday which met expectations.
Q1 real GDP contracted at an annual rate of 0.2% following the downwardly revised -0.7% in the second estimate, the Department of Commerce said. Households received the biggest upgrade, as consumers spent 2.1% more in the first quarter than three months earlier.
The major now awaits fresh incentives from the US session later today in absence of significant economic data until US hours. Meanwhile, the ongoing Greek saga with Wednesday Euro group meeting ended without a deal and has been postponed until today may continue to support the safe-haven bids in yen somewhat.
Looking ahead this week, Traders are keeping a close eye on Japan's consumer-price data, which is scheduled to be released on Friday.
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 124.38 (June 24 High) levels. To the downside immediate support might be located at 123.69 (June 24 Low) below that at 123.32 (June 23 Low) levels.
USD/JPY moves away from weekly highs
Currently, the USD/JPY pair trades flat at 123.88, returning back to 123 handle. The pair consolidates this session as markets continue to digest US Q1 GDP final revision released on Wednesday which met expectations.
Q1 real GDP contracted at an annual rate of 0.2% following the downwardly revised -0.7% in the second estimate, the Department of Commerce said. Households received the biggest upgrade, as consumers spent 2.1% more in the first quarter than three months earlier.
The major now awaits fresh incentives from the US session later today in absence of significant economic data until US hours. Meanwhile, the ongoing Greek saga with Wednesday Euro group meeting ended without a deal and has been postponed until today may continue to support the safe-haven bids in yen somewhat.
Looking ahead this week, Traders are keeping a close eye on Japan's consumer-price data, which is scheduled to be released on Friday.
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 124.38 (June 24 High) levels. To the downside immediate support might be located at 123.69 (June 24 Low) below that at 123.32 (June 23 Low) levels.