26 May 2015
USD/JPY triggers stops, rises to 122.67
FXStreet (Mumbai) - The USD/JPY pair rose to a session high of 122.67 as the currency pair rose through offers stationed at 122.00 and triggered stops reportedly placed above the previous cyclical high of 122.00.
USD/JPY: Back to 122.50
The sharp rise to 122.67 stalled as the pair made its way back to trade at 122.50 levels. Prior to the breakout witnessed today, the pair had stalled at/around 122.00 levels on twice occasions in the last seven months. Consequently, Yen bulls had their stops above 122.00, breach of which led to a sharp rally to 122.67.
Whether the Yen bears are able to push the pair higher remains to be seen as we have critical data releases out of the US today. The US durable goods report due today would be followed by services PMI, New home sales data.
USD/JPY Technical Levels
The next major hurdle is seen at 124.12 (June 2007 high), followed by a psychological resistance level of 125.00. On the flip side, a break below 122.00 could see the pair re-test 121.75-121.70 levels.
USD/JPY: Back to 122.50
The sharp rise to 122.67 stalled as the pair made its way back to trade at 122.50 levels. Prior to the breakout witnessed today, the pair had stalled at/around 122.00 levels on twice occasions in the last seven months. Consequently, Yen bulls had their stops above 122.00, breach of which led to a sharp rally to 122.67.
Whether the Yen bears are able to push the pair higher remains to be seen as we have critical data releases out of the US today. The US durable goods report due today would be followed by services PMI, New home sales data.
USD/JPY Technical Levels
The next major hurdle is seen at 124.12 (June 2007 high), followed by a psychological resistance level of 125.00. On the flip side, a break below 122.00 could see the pair re-test 121.75-121.70 levels.