27 Jul 2015
USD/JPY testing lows near 123.45
FXStreet (Mumbai) - The offered tone around the USD/JPY pair increased in the mid-Asian session, driving the pair closer towards 123 handle. The major came under fresh selling pressure after the Asian traders ditched the US currency mulling over Friday’s lack lustre home sales data from the US.
USD/JPY hovers around 50-DMA
Currently, the USD/JPY pair trades -0.29% lower at fresh weekly lows of 123.43, sliding about 30 pips from Tokyo open. USD/JPY accelerates losses largely on weakening US dollar across the board as traders booked profits after the pair failed to close above 124 handle on weekly basis ahead of Wednesday’s FOMC statement.
More so, downbeat US data released on Friday also contributes to the losses in the USD/JPY pair, weighing heavily on the greenback. US new home sales unexpectedly plummeted in June, falling 6.8% to 482,000 units, worse than the expected reading of 548,000 sales, and a 0.3% hike anticipated by markets.
Looking ahead, markets turn their attention towards the New York session with the key US durable goods data on cards which may set the tone for Wednesday’s FOMC statement.
USD/JPY Technical Levels
To the upside, the next resistance is located 123. 85 (July 26 High) levels and above which it could extend gains 124.12 (July 24 High) levels. To the downside immediate support might be located at 123.23 (July 15 Low) below that at 123 levels.
USD/JPY hovers around 50-DMA
Currently, the USD/JPY pair trades -0.29% lower at fresh weekly lows of 123.43, sliding about 30 pips from Tokyo open. USD/JPY accelerates losses largely on weakening US dollar across the board as traders booked profits after the pair failed to close above 124 handle on weekly basis ahead of Wednesday’s FOMC statement.
More so, downbeat US data released on Friday also contributes to the losses in the USD/JPY pair, weighing heavily on the greenback. US new home sales unexpectedly plummeted in June, falling 6.8% to 482,000 units, worse than the expected reading of 548,000 sales, and a 0.3% hike anticipated by markets.
Looking ahead, markets turn their attention towards the New York session with the key US durable goods data on cards which may set the tone for Wednesday’s FOMC statement.
USD/JPY Technical Levels
To the upside, the next resistance is located 123. 85 (July 26 High) levels and above which it could extend gains 124.12 (July 24 High) levels. To the downside immediate support might be located at 123.23 (July 15 Low) below that at 123 levels.