17 Aug 2015
USD/JPY: In another run for 124.50?
FXStreet (Mumbai) - USD/JPY recovered from session lows and re-attempts a bounce towards 124.50 levels in the European morning, as the European traders are giving away the Japanese currency as they digest the latest Japan’s Q2 GDP report released in early Asia.
USD/JPY bounces-off fresh lows
Currently, the USD/JPY pair trades 0.11% higher at 124.43, retesting highs at 124.45 reached in the Asian session. The USD/JPY remains better bid in early moves as the yen retreated across the board following sharp decline in the second quarter Japan’s growth numbers.
Markets sold-off the Japanese currency versus the US dollar as speculations over further BOJ easing as early as at this week’s policy meeting heightened owing to deceleration in growth coupled with low inflation.
Moreover, the traders also continue to favour the US currency against the yen amid divergent monetary policy outlooks between both the continents as Fed remains on track to raise its interest rates as early as next month backed by the recent streak of upbeat US fundamentals.
USD/JPY Technical Levels
To the upside, the next resistance is located 124.80 (Aug 10 High) levels and above which it could extend gains 125.08 (Aug 7 High) levels. To the downside immediate support might be located at 124.07 (Aug 13 Low) below that at 123.77 (Aug 12 Low) levels.
USD/JPY bounces-off fresh lows
Currently, the USD/JPY pair trades 0.11% higher at 124.43, retesting highs at 124.45 reached in the Asian session. The USD/JPY remains better bid in early moves as the yen retreated across the board following sharp decline in the second quarter Japan’s growth numbers.
Markets sold-off the Japanese currency versus the US dollar as speculations over further BOJ easing as early as at this week’s policy meeting heightened owing to deceleration in growth coupled with low inflation.
Moreover, the traders also continue to favour the US currency against the yen amid divergent monetary policy outlooks between both the continents as Fed remains on track to raise its interest rates as early as next month backed by the recent streak of upbeat US fundamentals.
USD/JPY Technical Levels
To the upside, the next resistance is located 124.80 (Aug 10 High) levels and above which it could extend gains 125.08 (Aug 7 High) levels. To the downside immediate support might be located at 124.07 (Aug 13 Low) below that at 123.77 (Aug 12 Low) levels.