15 Jul 2015
USD/JPY testing highs near 123.60
FXStreet (Mumbai) - USD/JPY extends its upward trajectory in the European session, reversing a brief dip seen on Tuesday, as the yen weakens versus the US dollar as traders digest the latest eventless Bank of Japan (BOJ) monetary policy decision ahead of Fed Yellen’s speech and a slew of crucial US macro releases due later today.
USD/JPY rises from 123.45
Currently, the USD/JPY pair trades 0.15% higher at 123.58, retracing from session highs reached at 123.65 in last hours. The major finally broke its side-trend and gained momentum in the European morning as markets remain focussed on a couple of key event scheduled tonight – Fed’s Yellen’s testimony at the Capitol Hill and the Greek Parliament vote on the latest bailout deal.
The yen continues to remain undermined versus the US dollar as the BOJ decision and the following BOJ presser failed to provide any impetus to the Japanese currency. BOJ made no changes to its current policy settings on Wednesday, but the bank downgraded its economic growth outlook for fiscal 2015.
USD/JPY Technical Levels
To the upside, the next resistance is located 123.73 (July 14 High) levels and above which it could extend gains 123.98 (June 29 High) levels. To the downside immediate support might be located at 123.26 (Today’s Low) below that at 122.94 (July 2 Low) levels.
USD/JPY rises from 123.45
Currently, the USD/JPY pair trades 0.15% higher at 123.58, retracing from session highs reached at 123.65 in last hours. The major finally broke its side-trend and gained momentum in the European morning as markets remain focussed on a couple of key event scheduled tonight – Fed’s Yellen’s testimony at the Capitol Hill and the Greek Parliament vote on the latest bailout deal.
The yen continues to remain undermined versus the US dollar as the BOJ decision and the following BOJ presser failed to provide any impetus to the Japanese currency. BOJ made no changes to its current policy settings on Wednesday, but the bank downgraded its economic growth outlook for fiscal 2015.
USD/JPY Technical Levels
To the upside, the next resistance is located 123.73 (July 14 High) levels and above which it could extend gains 123.98 (June 29 High) levels. To the downside immediate support might be located at 123.26 (Today’s Low) below that at 122.94 (July 2 Low) levels.