17 Jul 2015
USD/JPY having best week since May
FXStreet (Córdoba) - USD/JPY is falling marginally on Friday and during the last hours it has been trading steady, hovering around 124.00, consolidating important weekly gains.
The pair is having the best weekly performance since May, after rising more than 150 pips during the last five days on the back of a stronger dollar boosted by US economic data and Janet Yellen remarks.
USD/JPY headed to test 124.40/50?
The pair opened the week with a bearish gap amid risk aversion but then managed to rebound and continued the recovery that started the previous week after falling close to 120.00.
Since last Wednesday it has risen almost 400 pips. The pair peaked on Thursday at 124.23 and then pulled back modestly, finding support at 123.90. If USD/JPY keeps rising it would likely face resistance at 124.40/50 (June 14, 24 highs). A break higher could open the way toward 125.00.
The pair is having the best weekly performance since May, after rising more than 150 pips during the last five days on the back of a stronger dollar boosted by US economic data and Janet Yellen remarks.
USD/JPY headed to test 124.40/50?
The pair opened the week with a bearish gap amid risk aversion but then managed to rebound and continued the recovery that started the previous week after falling close to 120.00.
Since last Wednesday it has risen almost 400 pips. The pair peaked on Thursday at 124.23 and then pulled back modestly, finding support at 123.90. If USD/JPY keeps rising it would likely face resistance at 124.40/50 (June 14, 24 highs). A break higher could open the way toward 125.00.