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17 Jul 2015
USD/JPY testing lows near 124
FXStreet (Mumbai) - The US dollar took a breather its upsurge against the Japanese yen in the mid-Asian session, with USD/JPY retracing to 124 levels. The major erased early gains and turned in red as the US dollar eased, correcting heavy gains seen over the past one week.
USD/JPY hovers above 124 handle
Currently, the USD/JPY pair trades -0.06% lower near fresh session lows of 124.04, retreating from fresh three-week peak of 124.23. USD/JPY faced rejection at three-week highs as the pair ran in to fresh offers around 124.20 levels, dragging the pair back to 124 barrier.
The greenback edged lower versus the yen this session on the back of profit-taking after the buck touched fresh six week highs against it major competitors backed by Fed Chair Yellen’s hawkish comments and the recent two back-to–back sessions of upbeat US macro data releases.
In the day ahead, a set of crucial US economic releases such as CPI and consumer sentiment data will influence further moves in USD/JPY.
USD/JPY Technical Levels
To the upside, the next resistance is located 124.23 (Today’s High) levels and above which it could extend gains 124.38 (June 24 High) levels. To the downside immediate support might be located at 123.71 (July 16 Low) below that at 123.23 (July 15 Low) levels.
USD/JPY hovers above 124 handle
Currently, the USD/JPY pair trades -0.06% lower near fresh session lows of 124.04, retreating from fresh three-week peak of 124.23. USD/JPY faced rejection at three-week highs as the pair ran in to fresh offers around 124.20 levels, dragging the pair back to 124 barrier.
The greenback edged lower versus the yen this session on the back of profit-taking after the buck touched fresh six week highs against it major competitors backed by Fed Chair Yellen’s hawkish comments and the recent two back-to–back sessions of upbeat US macro data releases.
In the day ahead, a set of crucial US economic releases such as CPI and consumer sentiment data will influence further moves in USD/JPY.
USD/JPY Technical Levels
To the upside, the next resistance is located 124.23 (Today’s High) levels and above which it could extend gains 124.38 (June 24 High) levels. To the downside immediate support might be located at 123.71 (July 16 Low) below that at 123.23 (July 15 Low) levels.