15 Jul 2015
USD/JPY ignores Kuroda’s comments
FXStreet (Mumbai) - The USD/JPY pair continues to trade around 123.50 levels as investors turned a blind eye towards Kuroda’s press conference.
USD/JPY: Gains capped by drop in Chinese stocks, weak US data
The pair has been unable to extend gains after the Shanghai Composite index fell more than 4% despite of a better-than-expected Chinese GDP data. Furthermore, the Treasury yields are struggling as well on account of the unexpected contraction in the US retail sales reported in the previous session.
The pair could be influenced by Yellen’s speech due later today. Given the absence of a major data in the Europe, the USD/JPY spot could trade in the sideways manner ahead of Yellen speech. Kuroda's comments on the Japanese economy and Chinese stocks have been ignored by the markets.
USD/JPY Technical Levels
The immediate support is located at 123.40 (hourly 50-MA), under which the spot could target 122.70 (hourly 100-MA). On the flip side, resistance is seen at 123.73 and 124.12 levels.
USD/JPY: Gains capped by drop in Chinese stocks, weak US data
The pair has been unable to extend gains after the Shanghai Composite index fell more than 4% despite of a better-than-expected Chinese GDP data. Furthermore, the Treasury yields are struggling as well on account of the unexpected contraction in the US retail sales reported in the previous session.
The pair could be influenced by Yellen’s speech due later today. Given the absence of a major data in the Europe, the USD/JPY spot could trade in the sideways manner ahead of Yellen speech. Kuroda's comments on the Japanese economy and Chinese stocks have been ignored by the markets.
USD/JPY Technical Levels
The immediate support is located at 123.40 (hourly 50-MA), under which the spot could target 122.70 (hourly 100-MA). On the flip side, resistance is seen at 123.73 and 124.12 levels.