1 Jul 2015
USD/JPY touches 123
FXStreet (Mumbai) - The yen bulls took a backseat in the European session, lifting USD/JPY to fresh sessions highs above 123 handle, as the latest news about Tsipras acceptance to all EU conditions eased Greek fears, thereby reducing safe-haven demand for the yen.
USD/JPY supported at 122.40
Currently, the USD/JPY pair trades 0.38% at 122.97, hovering close to highs at 123.01. The dollar-yen posed a solid rebound and climbed higher with Greek worries faded as markets sentiment improved especially on the news that Greek government is ready to accept creditors’ proposal, although with some changes as reported by Bloomberg.
While traders favour the US dollar ahead of a host of US data flow with expectations of stronger jobs data release. Also, slightly stronger Japanese factory conditions this quarter reflected by Tankan factory data was also ignored by markets.
Market focus now shifts to crucial labour data from the US due later today and Thursday for fresh US dollar moves.
USD/JPY Technical Levels
To the upside, the next resistance is located 123.20 (June 29 High) levels and above which it could extend gains 123.44 (June 22 High) levels. To the downside immediate support might be located at 122.40 (Today’s Low) below that at 122.10 (June 29 Low) levels.
USD/JPY supported at 122.40
Currently, the USD/JPY pair trades 0.38% at 122.97, hovering close to highs at 123.01. The dollar-yen posed a solid rebound and climbed higher with Greek worries faded as markets sentiment improved especially on the news that Greek government is ready to accept creditors’ proposal, although with some changes as reported by Bloomberg.
While traders favour the US dollar ahead of a host of US data flow with expectations of stronger jobs data release. Also, slightly stronger Japanese factory conditions this quarter reflected by Tankan factory data was also ignored by markets.
Market focus now shifts to crucial labour data from the US due later today and Thursday for fresh US dollar moves.
USD/JPY Technical Levels
To the upside, the next resistance is located 123.20 (June 29 High) levels and above which it could extend gains 123.44 (June 22 High) levels. To the downside immediate support might be located at 122.40 (Today’s Low) below that at 122.10 (June 29 Low) levels.