25 Jun 2015
USD/JPY dips to lows near 123.60
FXStreet (Mumbai) - The US dollar gave back previous gains and in the negative territory versus the Japanese currency in mid-Asia, knocking-off USD/JPY to fresh session lows. The major fell in red as the US dollar ran through fresh offers amid on profit-taking amid a data-empty Asian calendar.
USD/JPY drops from 123.88
Currently, the USD/JPY pair trades -0.17% at fresh session lows of 123.61, moving away from 124 handle. The pair snapped its side-trend and dropped nearly 30 pips as the US dollar was sold-off across the board as traders turned their focus on Greece as the Euro group meets for the third time this week to seek a solution on Greek debt obligations.
Wednesday’s Euro group meeting ended without a deal and has been postponed until today which may boost the safe-haven bids in yen.
Moreover, markets moved past US Q1 GDP final revision figures and resorted to profit-taking following Wednesday spike to one week highs at 124.38. Q1 real GDP contracted at an annual rate of 0.2% following the downwardly revised -0.7% in the second estimate, the Department of Commerce said.
The major now awaits fresh incentives from the US session later today in absence of significant economic data until US hours. Traders are also keeping a close eye on Japan's consumer-price data, which is scheduled to be released on Friday.
USD/JPY Technical Levels
To the upside, the next resistance is located 124.19 (June 23 High) levels and above which it could extend gains 124.38 (June 24 High) levels. To the downside immediate support might be located at 123.32 (June 23 Low) below that at 123 levels.
USD/JPY drops from 123.88
Currently, the USD/JPY pair trades -0.17% at fresh session lows of 123.61, moving away from 124 handle. The pair snapped its side-trend and dropped nearly 30 pips as the US dollar was sold-off across the board as traders turned their focus on Greece as the Euro group meets for the third time this week to seek a solution on Greek debt obligations.
Wednesday’s Euro group meeting ended without a deal and has been postponed until today which may boost the safe-haven bids in yen.
Moreover, markets moved past US Q1 GDP final revision figures and resorted to profit-taking following Wednesday spike to one week highs at 124.38. Q1 real GDP contracted at an annual rate of 0.2% following the downwardly revised -0.7% in the second estimate, the Department of Commerce said.
The major now awaits fresh incentives from the US session later today in absence of significant economic data until US hours. Traders are also keeping a close eye on Japan's consumer-price data, which is scheduled to be released on Friday.
USD/JPY Technical Levels
To the upside, the next resistance is located 124.19 (June 23 High) levels and above which it could extend gains 124.38 (June 24 High) levels. To the downside immediate support might be located at 123.32 (June 23 Low) below that at 123 levels.