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27 May 2015
USD/JPY wavers around 123
FXStreet (Mumbai) - The US dollar erased gains and continues to trade around a flat line versus the Japanese counterpart in the late-Asian trades, with USD/JPY clinging on to 123 handle. The major trades muted as the USD bulls took a breather after swinging higher near fresh 8-year peak in the early Asian hours.
USD/JPY drops from 123.10
Currently, the USD/JPY pair trades -0.09% lower at 123, oscillating in a narrow 15-pips range last hours. The USD/JPY pair is seen consolidating heavy gains seen yesterday as traders resorted to profit-taking on their USD longs after the recent strength.
Moreover, the yen received some support from the BOJ minutes as the document read slightly optimistic on Japan’s growth prospects, which dragged USD/JPY from near eight-year peak reached at 123.34 reached on Tuesday.
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 122.85 below that at 122.50 levels.
USD/JPY drops from 123.10
Currently, the USD/JPY pair trades -0.09% lower at 123, oscillating in a narrow 15-pips range last hours. The USD/JPY pair is seen consolidating heavy gains seen yesterday as traders resorted to profit-taking on their USD longs after the recent strength.
Moreover, the yen received some support from the BOJ minutes as the document read slightly optimistic on Japan’s growth prospects, which dragged USD/JPY from near eight-year peak reached at 123.34 reached on Tuesday.
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 122.85 below that at 122.50 levels.