20 Jul 2015
USD/JPY consolidates gains above 124.00
FXStreet (Córdoba) - USD/JPY pushed higher and reached a fresh 1-month high on Monday amid quiet trading in the absence of major economic news or events.
The dollar resumed the advance against the yen after a short-lived correction, and climbed to a high of 124.37, last seen Jun 17. At time of writing, USD/JPY is trading at 124.30, up 0.20% on the day. USD/JPY has risen 6 out of the last 8 trading days, recovering sharply from a low of 120.40 scored earlier this month.
The greenback failed to benefit from President of St. Louis Fed Bullard recent comments, who said a September rate hike was still on the table as attention turns to FOMC next week’s meeting after Fed Chair Janet Yellen confirmed last week, that the Fed was still on track to hike rates “at some point” this year.
USD/JPY levels to watch
In terms of technical levels, if USD/JPY breaks above 124.37 (Jul 20 high), next resistances are seen at 124.44 (Jun 17 high) and 124.60 (Jun 10 high). On the flip side, supports could be found at 124.00 (Jul 20 low/psychological level), 123.90 (Jul 7 low) and 123.70 (Jul 16 low).
The dollar resumed the advance against the yen after a short-lived correction, and climbed to a high of 124.37, last seen Jun 17. At time of writing, USD/JPY is trading at 124.30, up 0.20% on the day. USD/JPY has risen 6 out of the last 8 trading days, recovering sharply from a low of 120.40 scored earlier this month.
The greenback failed to benefit from President of St. Louis Fed Bullard recent comments, who said a September rate hike was still on the table as attention turns to FOMC next week’s meeting after Fed Chair Janet Yellen confirmed last week, that the Fed was still on track to hike rates “at some point” this year.
USD/JPY levels to watch
In terms of technical levels, if USD/JPY breaks above 124.37 (Jul 20 high), next resistances are seen at 124.44 (Jun 17 high) and 124.60 (Jun 10 high). On the flip side, supports could be found at 124.00 (Jul 20 low/psychological level), 123.90 (Jul 7 low) and 123.70 (Jul 16 low).