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1 Jul 2015
USD/JPY off highs, side-lined around 122.50
FXStreet (Mumbai) - The US dollar continues to trade in flat lining versus the Japanese yen in mid-Asia, failing to extend its weak recovery. USD/JPY trades modestly flat as the JPY bulls remain in charge supported by impressive Japanese factory data released in early hours.
USD/JPY supported above 122
Currently, the USD/JPY pair trades flat at 122.47, firmer above 122 barrier. The dollar-yen halted its recovery mode and fell back in the hands of JPY bulls as markets continued to cheer slightly stronger Japanese factory conditions this quarter compared with the first quarter as sales and profitability strengthened.
The Bank of Japan's (BoJ) Tankan Manufacturing Index rose to 15 in the June quarter from 12 in the March quarter, according to a release on Wednesday, coming in stronger than the market forecast of an unchanged reading.
However, the bullish bias in the Japanese yen doesn’t seem to hold much strength as markets brushed off Greece defaulted on IMF news released late Tuesday night as the focus now shifts to crucial labour data from the US due later today and Thursday for fresh US dollar moves.
USD/JPY Technical Levels
To the upside, the next resistance is located 122.73 (June 30 High) levels and above which it could extend gains 123 levels. To the downside immediate support might be located at 122.10 (June 29 Low) below that at 121.48 (May 26 Low) levels.
USD/JPY supported above 122
Currently, the USD/JPY pair trades flat at 122.47, firmer above 122 barrier. The dollar-yen halted its recovery mode and fell back in the hands of JPY bulls as markets continued to cheer slightly stronger Japanese factory conditions this quarter compared with the first quarter as sales and profitability strengthened.
The Bank of Japan's (BoJ) Tankan Manufacturing Index rose to 15 in the June quarter from 12 in the March quarter, according to a release on Wednesday, coming in stronger than the market forecast of an unchanged reading.
However, the bullish bias in the Japanese yen doesn’t seem to hold much strength as markets brushed off Greece defaulted on IMF news released late Tuesday night as the focus now shifts to crucial labour data from the US due later today and Thursday for fresh US dollar moves.
USD/JPY Technical Levels
To the upside, the next resistance is located 122.73 (June 30 High) levels and above which it could extend gains 123 levels. To the downside immediate support might be located at 122.10 (June 29 Low) below that at 121.48 (May 26 Low) levels.