14 Jul 2015
USD/JPY continues Greek relief rally in Tokyo
FXStreet (Guatemala) - USD/JPY is currently trading at 123.66 with a high of 123.72 and a low of 123.40.
USD/JPY was steadily making progress to the upside in the Tokyo opening hour, hitting July highs as resistance at 123.72. The dollar is strong in Asia, following through from late London and the US day where the greenback made good progress on the board, most markedly vs the euro.
The greenback was favoured on a number of <a href="http://www.fxstreet.com/news/forex-news/article.aspx?storyid=72964fab-02fb-4c8f-ab94-b2f7d091665f">complex issues surrounding the Greek debacle and investors, post an initial relief rally out of safe-havens, looked ahead to the divergences between the central banks as an alternative certainty than all of the uncertainties else where which bought about the greenbacks safe haven status as well its forward yield advantage.
As the Westpac Global Strategy Group explained, "Mixed emotions manifested in the markets after the Greek PM agreed to Eurogroup demands. Initial relief over an agreement and end to the 17 hour summit was dampened by resistance including from some members of the ruling Syriza party in Greece. The accord needs to be passed by the Greek parliament byWednesday before other national Eurozone parliaments start procedures. The ECB held a conference call and kept emergency funding to Greek banks at EUR89bn."
In direct respect to the Yen, the strong hold was unwound on aforementioned catalysts as well as stocks rallying worldwide. This came in the immediate aftermath of the announcement of a Greek agreement. Technically, Valeria Bednarik, chief analyst at FXStreet explained that in the 4 hours chart, the technical indicators are in extreme levels, losing their upward strength, but far from suggesting the rally may reverse during the upcoming hours. "The immediate resistance level stands at 123.72, early July highs, with a break above it favoring and advance up to 124.50."
USD/JPY was steadily making progress to the upside in the Tokyo opening hour, hitting July highs as resistance at 123.72. The dollar is strong in Asia, following through from late London and the US day where the greenback made good progress on the board, most markedly vs the euro.
The greenback was favoured on a number of <a href="http://www.fxstreet.com/news/forex-news/article.aspx?storyid=72964fab-02fb-4c8f-ab94-b2f7d091665f">complex issues surrounding the Greek debacle and investors, post an initial relief rally out of safe-havens, looked ahead to the divergences between the central banks as an alternative certainty than all of the uncertainties else where which bought about the greenbacks safe haven status as well its forward yield advantage.
As the Westpac Global Strategy Group explained, "Mixed emotions manifested in the markets after the Greek PM agreed to Eurogroup demands. Initial relief over an agreement and end to the 17 hour summit was dampened by resistance including from some members of the ruling Syriza party in Greece. The accord needs to be passed by the Greek parliament byWednesday before other national Eurozone parliaments start procedures. The ECB held a conference call and kept emergency funding to Greek banks at EUR89bn."
In direct respect to the Yen, the strong hold was unwound on aforementioned catalysts as well as stocks rallying worldwide. This came in the immediate aftermath of the announcement of a Greek agreement. Technically, Valeria Bednarik, chief analyst at FXStreet explained that in the 4 hours chart, the technical indicators are in extreme levels, losing their upward strength, but far from suggesting the rally may reverse during the upcoming hours. "The immediate resistance level stands at 123.72, early July highs, with a break above it favoring and advance up to 124.50."