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27 May 2015
USD/JPY bounces-off lows, near 123
FXStreet (Mumbai) - The US dollar maintains an offered tone versus the the Japanese counterpart in the early European trades, with USD/JPY revering from session lows and struggles around 123 handle. The major recovers most losses although remains pressured amid broad USD weakness on the back of profit-taking after the recent strength.
USD/JPY recovers from 122.79
Currently, the USD/JPY pair trades -0.09% lower at 123, bouncing-off fresh session lows at 122.79. The USD/JPY pair retreated from lows largely as the US dollar stalled its corrective slide and remains supported above 97 levels versus its major competitors.
Moreover, the yen received some support from the BOJ minutes as the document read slightly optimistic on Japan’s growth prospects, which keeps USD/JPY struggling around 123 barrier.
USD/JPY jumped to fresh multi-year highs on Tuesday, piercing through the 123 handle, following a flurry of US macro data surprised markets on the upside including durable goods, consumer confidence and new home sales delivered stronger-than expected results.
Meanwhile, markets now turn their focus towards Japanese retail sales data and a set of US data due to be released tomorrow amid a data-quiet today’s trading session.
USD/JPY Technical Levels
To the upside, the next resistance is located at 123.34 (May 26 High) levels and above which it could extend gains 124 levels. To the downside immediate support might be located at 122.50 below that at 122 levels.
USD/JPY recovers from 122.79
Currently, the USD/JPY pair trades -0.09% lower at 123, bouncing-off fresh session lows at 122.79. The USD/JPY pair retreated from lows largely as the US dollar stalled its corrective slide and remains supported above 97 levels versus its major competitors.
Moreover, the yen received some support from the BOJ minutes as the document read slightly optimistic on Japan’s growth prospects, which keeps USD/JPY struggling around 123 barrier.
USD/JPY jumped to fresh multi-year highs on Tuesday, piercing through the 123 handle, following a flurry of US macro data surprised markets on the upside including durable goods, consumer confidence and new home sales delivered stronger-than expected results.
Meanwhile, markets now turn their focus towards Japanese retail sales data and a set of US data due to be released tomorrow amid a data-quiet today’s trading session.
USD/JPY Technical Levels
To the upside, the next resistance is located at 123.34 (May 26 High) levels and above which it could extend gains 124 levels. To the downside immediate support might be located at 122.50 below that at 122 levels.