26 May 2015
USD/JPY rises to fresh session high of 122.79
FXStreet (Mumbai) - The USD/JPY ran into fresh bids in the range of 122.40-122.50 and breached the previous session high of 122.67 to trade at a new session high of 122.79 levels.
Focus on the US data
The pair took out the offers at 122.00 levels earlier today and triggered stops above the same leading to a sharp rise in the pair to a high of 122.79 levels. The focus now shifts to the US economic data, which could show the durable goods orders contracted 0.4% in April. The durable goods orders report would be followed by services PMI, New home sales, and consumer confidence data.
USD/JPY Technical Levels
The next major hurdle is seen at 124.12 (June 2007 high), followed by a psychological resistance level of 125.00. On the flip side, a break below 122.00 could see the pair re-test 121.75-121.70 levels.
Focus on the US data
The pair took out the offers at 122.00 levels earlier today and triggered stops above the same leading to a sharp rise in the pair to a high of 122.79 levels. The focus now shifts to the US economic data, which could show the durable goods orders contracted 0.4% in April. The durable goods orders report would be followed by services PMI, New home sales, and consumer confidence data.
USD/JPY Technical Levels
The next major hurdle is seen at 124.12 (June 2007 high), followed by a psychological resistance level of 125.00. On the flip side, a break below 122.00 could see the pair re-test 121.75-121.70 levels.