20 Aug 2015
USD/JPY regains 124 handle
FXStreet (Mumbai) - The bid tone around the USD/JPY pair remains intact heading into the European opening bells, as the greenback fights hard to regain lost footing versus the Japanese currency amid of a data-quiet EUR calendar.
USD/JPY rises from 123.90
Currently, the USD/JPY pair trades 0.17% higher at 124.03, eyeing 124.50 levels. The dollar-yen pair extends gains as traders seem to resort to profit-taking on the USD shorts after the FOMC minutes-led fall on Wednesday.
Moreover, the USD/JPY pair jumped from the 50-DMA support located at 123.65 levels and remains firmer, correcting heavy losses after the greenback faced a double whammy from weaker US CPI figures and mixed FOMC minutes.
The US dollar was crippled following release of the July FOMC Minutes, as Fed policymakers expressed concerns over lagging inflation, a stronger dollar and developments in China, weakening speculation of a September rate hike.
Markets now await a host of US macro data due for release later tonight for further momentum on the pair.
USD/JPY Technical Levels
To the upside, the next resistance is located 124.50 (Aug 19 High) levels and above which it could extend gains 124.64 (Aug 13 High) levels. To the downside immediate support might be located at 123.82 (Today’s Low) below that at 123.65 (50-DMA) levels.
USD/JPY rises from 123.90
Currently, the USD/JPY pair trades 0.17% higher at 124.03, eyeing 124.50 levels. The dollar-yen pair extends gains as traders seem to resort to profit-taking on the USD shorts after the FOMC minutes-led fall on Wednesday.
Moreover, the USD/JPY pair jumped from the 50-DMA support located at 123.65 levels and remains firmer, correcting heavy losses after the greenback faced a double whammy from weaker US CPI figures and mixed FOMC minutes.
The US dollar was crippled following release of the July FOMC Minutes, as Fed policymakers expressed concerns over lagging inflation, a stronger dollar and developments in China, weakening speculation of a September rate hike.
Markets now await a host of US macro data due for release later tonight for further momentum on the pair.
USD/JPY Technical Levels
To the upside, the next resistance is located 124.50 (Aug 19 High) levels and above which it could extend gains 124.64 (Aug 13 High) levels. To the downside immediate support might be located at 123.82 (Today’s Low) below that at 123.65 (50-DMA) levels.