31 Jul 2015
USD/JPY flirting with 124 handle
FXStreet (Mumbai) - The US dollar keeps losses versus its Japanese counterpart in mid-Asia, with USD/JPY hovering around 124 barrier, as markets continue to digest the latest data flow from Japan while a minor correction in the greenback following Thursday’s US data-backed rally also lends support to the yen.
USD/JPY: offered tone intact
Currently, the USD/JPY pair trades -0.13% lower 123.98, hovering close to fresh session lows of 123.93. USD/JPY remains in the red this session largely as the US dollar paused its upsurge and consolidates previous heavy gains versus its major competitors after impressive US Q2 GDP figures boosted sentiment around the buck.
Moreover, earlier today data revealed rising price pressures in Japan which also boosted the yen against the US currency. Japan’s national CPI excluding fresh food rose 0.1% from a year earlier, the statistics bureau said Friday. Markets had estimated prices to remain muted.
Traders now turn their attention towards US a slew of US macro releases due later today for further momentum on the pair.
USD/JPY Technical Levels
To the upside, the next resistance is located 124.50 (July 21 High) levels and above which it could extend gains 124.75 (June 9 High) levels. To the downside immediate support might be located at 123.85 (July 30 Low) below that at 123.73 (July 21 Low) levels.
USD/JPY: offered tone intact
Currently, the USD/JPY pair trades -0.13% lower 123.98, hovering close to fresh session lows of 123.93. USD/JPY remains in the red this session largely as the US dollar paused its upsurge and consolidates previous heavy gains versus its major competitors after impressive US Q2 GDP figures boosted sentiment around the buck.
Moreover, earlier today data revealed rising price pressures in Japan which also boosted the yen against the US currency. Japan’s national CPI excluding fresh food rose 0.1% from a year earlier, the statistics bureau said Friday. Markets had estimated prices to remain muted.
Traders now turn their attention towards US a slew of US macro releases due later today for further momentum on the pair.
USD/JPY Technical Levels
To the upside, the next resistance is located 124.50 (July 21 High) levels and above which it could extend gains 124.75 (June 9 High) levels. To the downside immediate support might be located at 123.85 (July 30 Low) below that at 123.73 (July 21 Low) levels.