9 Jul 2015
USD/JPY: Recovery capped at 121.53
FXStreet (Mumbai) - The USD/JPY pair seems to consolidate heavy gains from Asia, with the US dollar keeping the edge over the Japanese currency during the European morning. The major remains well bid as the yen reversed previous gains amid easing risk-off sentiment while a strong rebound in US dollar against its major peers also added to the gains.
USD/JPY supported above 121.28
Currently, the USD/JPY pair trades 0.54% higher at 121.39, retracing from fresh session highs posted at 121.53. The USD/JPY pair stalled its recovery from two-month lows and eased-off highs as markets continue to digest the latest Greece headlines mostly awaiting a new Greece proposal in the day ahead.
However, the pair remains supported on the back of strengthening US dollar across the board and on positive sentiment surrounding China after stocks rebounded and consumer prices picked up in June.
USD/JPY Technical Levels
To the upside, the next resistance is located 121.78 (May 25 High) levels and above which it could extend gains 122 levels. To the downside immediate support might be located at 120.58 (Today’s Low) below that at 120 levels.
USD/JPY supported above 121.28
Currently, the USD/JPY pair trades 0.54% higher at 121.39, retracing from fresh session highs posted at 121.53. The USD/JPY pair stalled its recovery from two-month lows and eased-off highs as markets continue to digest the latest Greece headlines mostly awaiting a new Greece proposal in the day ahead.
However, the pair remains supported on the back of strengthening US dollar across the board and on positive sentiment surrounding China after stocks rebounded and consumer prices picked up in June.
USD/JPY Technical Levels
To the upside, the next resistance is located 121.78 (May 25 High) levels and above which it could extend gains 122 levels. To the downside immediate support might be located at 120.58 (Today’s Low) below that at 120 levels.