30 Jul 2015
USD/JPY: Bulls exhausted near 124.20
FXStreet (Mumbai) - The USD/JPY pair faded a spike to weekly highs at 124.25 levels and retraced to familiar ranges around 124.10/15 levels, as the US dollar takes a breather in its post-FOMC rally versus the yen while markets continue to digest the recent comments by BOJ Ishida.
USD/JPY supported above 124 handle
Currently, the USD/JPY pair trades 0.20% higher near fresh weekly highs of 124.25, with 124.50 levels on sight. USD/JPY extends its winning streak in to a third-day mainly driven by rising treasury yields which continues to support the US dollar following Wednesday’s Fed decision.
The Japanese currency continues to lose ground versus the greenback after BOJ Ishida noted that the Japanese policymakers should watch out for accumulating risks from the prevailing easy policy while raising concerns over exports and production recovery during summer.
Traders now turn their attention towards US GDP figures due later today while a slew of crucial Japanese releases due tomorrow will also be closely watched for further momentum on the pair.
Trade the US GDP data with Bednarik, Pinkert and Carrillo - Live Coverage
USD/JPY Technical Levels
To the upside, the next resistance is located 124.50 (July 21 High) levels and above which it could extend gains 124.75 (June 9 High) levels. To the downside immediate support might be located at 123.95 (Today’s Low) below that at 123.73 (July 21 Low) levels.
USD/JPY supported above 124 handle
Currently, the USD/JPY pair trades 0.20% higher near fresh weekly highs of 124.25, with 124.50 levels on sight. USD/JPY extends its winning streak in to a third-day mainly driven by rising treasury yields which continues to support the US dollar following Wednesday’s Fed decision.
The Japanese currency continues to lose ground versus the greenback after BOJ Ishida noted that the Japanese policymakers should watch out for accumulating risks from the prevailing easy policy while raising concerns over exports and production recovery during summer.
Traders now turn their attention towards US GDP figures due later today while a slew of crucial Japanese releases due tomorrow will also be closely watched for further momentum on the pair.
Trade the US GDP data with Bednarik, Pinkert and Carrillo - Live Coverage
USD/JPY Technical Levels
To the upside, the next resistance is located 124.50 (July 21 High) levels and above which it could extend gains 124.75 (June 9 High) levels. To the downside immediate support might be located at 123.95 (Today’s Low) below that at 123.73 (July 21 Low) levels.