9 Jul 2015
USD/JPY treading water around 121.40
FXStreet (Edinburgh) - The greenback has reverted the initial softness and has now pushed USD/JPY to the upper band of the range around 121.40, where it attempts to consolidate.
USD/JPY supported near 120.50
Spot has retaken the 121.00 handle and beyond so far following yesterday’s multi-week troughs in the mid-120.00s. Heightened concerns over Greece and a potential ‘Grexit’ coupled with recent strong losses in the Chinese stock markets have prompted investors to quickly seek shelter in the safe have JPY, collaborating in the recent leg lower.
Data wise, US Initial Claims missed estimates today, rising to 297K in the week ended on July 3rd, while the speech by KC Fed’s E.George is also sue later.
USD/JPY relevant levels
At the moment the pair is gaining 0.52% at 121.33 and a breakout of 121.59 (high Jul.9) would target 122.90 (high Jul.7) en route to 123.46 (high Jul.1). On the other hand, the immediate support aligns at 120.46 (low Jul.9) followed by 120.97 (low May 19) and finally 119.53 (low May 18).
USD/JPY supported near 120.50
Spot has retaken the 121.00 handle and beyond so far following yesterday’s multi-week troughs in the mid-120.00s. Heightened concerns over Greece and a potential ‘Grexit’ coupled with recent strong losses in the Chinese stock markets have prompted investors to quickly seek shelter in the safe have JPY, collaborating in the recent leg lower.
Data wise, US Initial Claims missed estimates today, rising to 297K in the week ended on July 3rd, while the speech by KC Fed’s E.George is also sue later.
USD/JPY relevant levels
At the moment the pair is gaining 0.52% at 121.33 and a breakout of 121.59 (high Jul.9) would target 122.90 (high Jul.7) en route to 123.46 (high Jul.1). On the other hand, the immediate support aligns at 120.46 (low Jul.9) followed by 120.97 (low May 19) and finally 119.53 (low May 18).