23 Jul 2015
USD/JPY hovers around 124 handle
FXStreet (Mumbai) - The US dollar shaved-off early gains versus the Japanese currency in mid-Asia, driving USD/JPY back near 124 barrier. The major failed to hold gains largely on falling greenback against its major peers while improved trade balance figures kept the yen underpinned on the hand.
USD/JPY drops from 124.14
Currently, the USD/JPY pair trades modestly flat at 123.99, retreating from session highs reached at 124.14 levels. USD/JPY trades largely subdued mainly driven by broadly weaker US dollar on the back of profit-taking after the solid homes sales data led gains on Wednesday. The US dollar index - a virtual measure of the greenback's power against its six major peers – stood -0.21% lower at 97.41.
Moreover, the yen was slightly supported versus the greenback after data showed that Japan's overseas trade balance improved last month as export growth accelerated and imports continued to decline.
Markets look forward to weekly jobless claims figures from the US amid a rather data-quiet trading session today.
USD/JPY Technical Levels
To the upside, the next resistance is located 124.14 (Today’s High) levels and above which it could extend gains 124.50 (July 21 High) levels. To the downside immediate support might be located at 123.73 (July 21 Low) below that at 123.23 (July 15 Low) levels.
USD/JPY drops from 124.14
Currently, the USD/JPY pair trades modestly flat at 123.99, retreating from session highs reached at 124.14 levels. USD/JPY trades largely subdued mainly driven by broadly weaker US dollar on the back of profit-taking after the solid homes sales data led gains on Wednesday. The US dollar index - a virtual measure of the greenback's power against its six major peers – stood -0.21% lower at 97.41.
Moreover, the yen was slightly supported versus the greenback after data showed that Japan's overseas trade balance improved last month as export growth accelerated and imports continued to decline.
Markets look forward to weekly jobless claims figures from the US amid a rather data-quiet trading session today.
USD/JPY Technical Levels
To the upside, the next resistance is located 124.14 (Today’s High) levels and above which it could extend gains 124.50 (July 21 High) levels. To the downside immediate support might be located at 123.73 (July 21 Low) below that at 123.23 (July 15 Low) levels.