22 Jul 2015
USD/JPY capped below 123.90
FXStreet (Mumbai) - USD/JPY faded a spike towards 124 handle and reverted to familiar range around 123.70 levels as the greenback fails to pick-up pace against its Japanese rival in absence of fresh fundamentals triggers ahead of Greek vote on 2nd reforms package and US home sales data due later tonight.
USD/JPY awaits fresh incentives
Currently, the USD/JPY pair trades -0.16% lower at 123.68, retracing from a bounce to 123.83 session highs. USD/JPY keeps losses as broad US dollar softness weighs on the major while yen bulls remain underpinned ahead of the Greek vote on the second reforms proposal submitted by Greek government on Tuesday.
Meanwhile, US dollar index - a virtual measure of the greenback's power against its six major peers – stood in red at 97.37. Also, markets continue to digest Tuesday’s hawkish comments from BOJ Kuroda which keeps the Japanese currency boosted against the US dollar.
Markets look forward to today’s housing data from the US while Thursday JPY trade balance will be closely watched in absence of any other significant data releases due later this session.
USD/JPY Technical Levels
To the upside, the next resistance is located 124 levels and above which it could extend gains 124.50 (July 21 High) levels. To the downside immediate support might be located at 123.62 (Today’s Low) below that at 123.23 (July 15 Low) levels.
USD/JPY awaits fresh incentives
Currently, the USD/JPY pair trades -0.16% lower at 123.68, retracing from a bounce to 123.83 session highs. USD/JPY keeps losses as broad US dollar softness weighs on the major while yen bulls remain underpinned ahead of the Greek vote on the second reforms proposal submitted by Greek government on Tuesday.
Meanwhile, US dollar index - a virtual measure of the greenback's power against its six major peers – stood in red at 97.37. Also, markets continue to digest Tuesday’s hawkish comments from BOJ Kuroda which keeps the Japanese currency boosted against the US dollar.
Markets look forward to today’s housing data from the US while Thursday JPY trade balance will be closely watched in absence of any other significant data releases due later this session.
USD/JPY Technical Levels
To the upside, the next resistance is located 124 levels and above which it could extend gains 124.50 (July 21 High) levels. To the downside immediate support might be located at 123.62 (Today’s Low) below that at 123.23 (July 15 Low) levels.