24 Jun 2015
USD/JPY attempts a bounce to 124
FXStreet (Mumbai) - The US dollar extends its side trend against the Japanese currency in the mid-Asian trades, keeping USD/JPY on the upper band of 123 handle. The major trades in a flat-lining, with Bank of Japan (BOJ) minutes helping little to lift the yen. While a retreat in the greenback on profit-taking keeps the pair largely subdued.
Greece, US GDP in focus
Currently, the USD/JPY pair trades muted at 123.88, sitting comfortably above 123.80 levels since last hours. USD/JPY remains subdued, although inched slightly higher testing highs at 123.95 levels. The major remained unperturbed by eventless BOJ minutes which echoed the same old tune that the QQE is having its intended effects and the BOJ will adjust policy if needed.
The dollar-yen pair rose to a new four day high at 124.19 on Tuesday after US new home sales data jumped to fresh 7-yr highs while the FOMC voting member Jerome Powell’s speech also supported the rally in the USD.
Looking ahead this week, traders are keeping an eye on the third estimate of the first-quarter US GDP growth scheduled later today. While Euro group meeting on Greece reconvened later today may also provide fresh cues on the yen.
USD/JPY Technical Levels
To the upside, the next resistance is located 124.19 (June 23 High) levels and above which it could extend gains 124.45 (June 16 High) levels. To the downside immediate support might be located at 123.32 (June 23 Low) below that at 123 levels.
Greece, US GDP in focus
Currently, the USD/JPY pair trades muted at 123.88, sitting comfortably above 123.80 levels since last hours. USD/JPY remains subdued, although inched slightly higher testing highs at 123.95 levels. The major remained unperturbed by eventless BOJ minutes which echoed the same old tune that the QQE is having its intended effects and the BOJ will adjust policy if needed.
The dollar-yen pair rose to a new four day high at 124.19 on Tuesday after US new home sales data jumped to fresh 7-yr highs while the FOMC voting member Jerome Powell’s speech also supported the rally in the USD.
Looking ahead this week, traders are keeping an eye on the third estimate of the first-quarter US GDP growth scheduled later today. While Euro group meeting on Greece reconvened later today may also provide fresh cues on the yen.
USD/JPY Technical Levels
To the upside, the next resistance is located 124.19 (June 23 High) levels and above which it could extend gains 124.45 (June 16 High) levels. To the downside immediate support might be located at 123.32 (June 23 Low) below that at 123 levels.