24 Jul 2015
USD/JPY weaker, around lows near 123.70
FXStreet (Edinburgh) - The Japanese yen keeps appreciating vs. its American peer at the end of the week, taking USD/JPY once again to the 123.70 area, closer to session lows.
USD/JPY correcting from 124.00
Despite the greenback keeps in the positive territory, the drop in US Treasuries yields has removed a significant tailwind from the pair, relegating it to the lower band of the weekly range around 123.70/60.
Mixed releases in the US docket have also plotted against a more durable recovery in the dollar, snapping the good momentum following yesterday’s 4-decade low from Initial Claims.
USD/JPY levels to consider
As of writing the pair is down 0.17% at 123.70 with the initial support at 123.58 (low Jul.24) followed by 123.38 (low Jul.15) and finally 122.50 (low Jul.13). On the flip side, a breakout of 124.15 (high Jul.22) would open the door to 124.47 (high Jul.21) and finally 124.58 (high Jun.10).
USD/JPY correcting from 124.00
Despite the greenback keeps in the positive territory, the drop in US Treasuries yields has removed a significant tailwind from the pair, relegating it to the lower band of the weekly range around 123.70/60.
Mixed releases in the US docket have also plotted against a more durable recovery in the dollar, snapping the good momentum following yesterday’s 4-decade low from Initial Claims.
USD/JPY levels to consider
As of writing the pair is down 0.17% at 123.70 with the initial support at 123.58 (low Jul.24) followed by 123.38 (low Jul.15) and finally 122.50 (low Jul.13). On the flip side, a breakout of 124.15 (high Jul.22) would open the door to 124.47 (high Jul.21) and finally 124.58 (high Jun.10).