26 May 2015
USD/JPY off highs, back to 122.60
FXStreet (Edinburgh) - The upside momentum in the greenback keeps pushing higher on Tuesday, lifting USD/JPY to fresh 2015 tops around 122.90 in early trade.
USD/JPY focus on US data
The pair seems to have finally broken above the consolidation pattern that prevailed since late 2014, opening the door to a visit of pre-crisis levels beyond 124.00 the figure.
In order to extend the positive sentiment, the greenback will look to the US data releases due later, with April’s Durable Goods Orders (-0.4% exp.), New Home Sales (0.510 M exp.) and Consumer Confidence, expected to ease a tad to 95.0 for the current month from 95.2 previous.
USD/JPY key levels
At the moment the pair is advancing 0.85% at 122.60 with the immediate hurdle at 122.89 (2015 high May 26) followed by 123.67 (high Jul.9 2007) and then 124.14 (2007 high Jun.6). On the downside, a breach of 121.35 (38.2% of 118.89-122.88) would expose 120.88 (50% of 118.89-122.88) and finally 120.79 (Tenkan Sen).
USD/JPY focus on US data
The pair seems to have finally broken above the consolidation pattern that prevailed since late 2014, opening the door to a visit of pre-crisis levels beyond 124.00 the figure.
In order to extend the positive sentiment, the greenback will look to the US data releases due later, with April’s Durable Goods Orders (-0.4% exp.), New Home Sales (0.510 M exp.) and Consumer Confidence, expected to ease a tad to 95.0 for the current month from 95.2 previous.
USD/JPY key levels
At the moment the pair is advancing 0.85% at 122.60 with the immediate hurdle at 122.89 (2015 high May 26) followed by 123.67 (high Jul.9 2007) and then 124.14 (2007 high Jun.6). On the downside, a breach of 121.35 (38.2% of 118.89-122.88) would expose 120.88 (50% of 118.89-122.88) and finally 120.79 (Tenkan Sen).