10 Jul 2015
USD/JPY extends beyond 122
FXStreet (Mumbai) - The bid tone in the USD/JPY pair extends further in the European session, as the yen remains heavy mainly driven by crosses led weakness while increasing bets of Greece deal to become a reality boosts demand for riskier assets weighing on safe-haven in yen.
USD/JPY jumps from 121.95
Currently, the USD/JPY pair trades 0.64% higher at 122.12, retracing from fresh highs reached at 122.25 last hours. The USD/JPY was caught by a fresh bid wave pushing the major back above 122 handle and beyond.
Cross driven weakness continues to keep the yen pressured against the US dollar as EUR/JPY is advancing 1.38%, GBP/JPY is up 1.15% while AUD/JPY is seen rising 0.71%.
USD/JPY remains strongly bid, despite falling greenback as the yen was relentlessly offered as traders’ preferred higher yielding asset amid improving market sentiment on the latest chatter on Greece that the Euro group may take a decision on Greece ‘probably today.’
USD/JPY Technical Levels
To the upside, the next resistance is located 122.58 (July 9 High) levels and above which it could extend gains 122.94 (July 6 High) levels. To the downside immediate support might be located at 121.51 (Today’s Low) below that at 121 levels.
USD/JPY jumps from 121.95
Currently, the USD/JPY pair trades 0.64% higher at 122.12, retracing from fresh highs reached at 122.25 last hours. The USD/JPY was caught by a fresh bid wave pushing the major back above 122 handle and beyond.
Cross driven weakness continues to keep the yen pressured against the US dollar as EUR/JPY is advancing 1.38%, GBP/JPY is up 1.15% while AUD/JPY is seen rising 0.71%.
USD/JPY remains strongly bid, despite falling greenback as the yen was relentlessly offered as traders’ preferred higher yielding asset amid improving market sentiment on the latest chatter on Greece that the Euro group may take a decision on Greece ‘probably today.’
USD/JPY Technical Levels
To the upside, the next resistance is located 122.58 (July 9 High) levels and above which it could extend gains 122.94 (July 6 High) levels. To the downside immediate support might be located at 121.51 (Today’s Low) below that at 121 levels.