20 Jul 2015
USD/JPY off highs, testing 124.10
FXStreet (Edinburgh) - The US dollar is giving away some of its early gains vs. the yen and is now pushing USD/JPY back to the 124.10/00 band.
USD/JPY hinges on USD dynamics
The pair seems to be consolidating in 3-week tops after regaining the 124.00 handle last week, all bolstered by the better tone in the US dollar and easing concerns over the situation in Greece post-deal.
Absent releases in the US economy today, the next event of relevance in the Japanese calendar will be Thursday’s trade balance figures, with consensus expecting a surplus of $5 billion.
USD/JPY relevant levels
The pair is now up 0.02% at 124.11 with the next resistance at 124.23 (high Jul.160 ahead of 124.37 (high Jun.27) and finally 124.58 (high Jun.10). On the flip side, a breach of 123.38 (low Jul.15) would aim for 122.92 (low Jul.14) and then 122.50 (low Jul.13).
USD/JPY hinges on USD dynamics
The pair seems to be consolidating in 3-week tops after regaining the 124.00 handle last week, all bolstered by the better tone in the US dollar and easing concerns over the situation in Greece post-deal.
Absent releases in the US economy today, the next event of relevance in the Japanese calendar will be Thursday’s trade balance figures, with consensus expecting a surplus of $5 billion.
USD/JPY relevant levels
The pair is now up 0.02% at 124.11 with the next resistance at 124.23 (high Jul.160 ahead of 124.37 (high Jun.27) and finally 124.58 (high Jun.10). On the flip side, a breach of 123.38 (low Jul.15) would aim for 122.92 (low Jul.14) and then 122.50 (low Jul.13).