10 Jul 2015
USD/JPY swings back to 122
FXStreet (Mumbai) - The USD/JPY pair retraced back near 122 levels in the early European trades, with the greenback still holding higher versus the Japanese yen as optimism on Greece proposal continue to boost risk-on trades. While traders favour the greenback ahead of Fed Yellen’s speech later today.
USD/JPY rises from 121.71
Currently, the USD/JPY pair trades 0.50% higher at 121.95, attempting to test highs posted at 122.04. The USD/JPY pair retraced slightly in the late-Asian trades as traders booked profits on their JPY shorts after the pair failed to hold above 122 barrier.
However, the USD bulls took back charge and now once again bounces to reclaim 122 handle as overall positive sentiment on Greece and China diminishes demand for safety-assets such as yen.
However, the upside remains capped the back of weakening US dollar across the board and after below estimates US weekly jobless claims from the US released yesterday weighed on the greenback.
Meanwhile, markets continue to monitor Greece developments while shifting their attention to Fed Chairperson Yellen’s speech later tonight.
USD/JPY Technical Levels
To the upside, the next resistance is located 122.58 (July 9 High) levels and above which it could extend gains 122.94 (July 6 High) levels. To the downside immediate support might be located at 121.51 (Today’s Low) below that at 121 levels.
USD/JPY rises from 121.71
Currently, the USD/JPY pair trades 0.50% higher at 121.95, attempting to test highs posted at 122.04. The USD/JPY pair retraced slightly in the late-Asian trades as traders booked profits on their JPY shorts after the pair failed to hold above 122 barrier.
However, the USD bulls took back charge and now once again bounces to reclaim 122 handle as overall positive sentiment on Greece and China diminishes demand for safety-assets such as yen.
However, the upside remains capped the back of weakening US dollar across the board and after below estimates US weekly jobless claims from the US released yesterday weighed on the greenback.
Meanwhile, markets continue to monitor Greece developments while shifting their attention to Fed Chairperson Yellen’s speech later tonight.
USD/JPY Technical Levels
To the upside, the next resistance is located 122.58 (July 9 High) levels and above which it could extend gains 122.94 (July 6 High) levels. To the downside immediate support might be located at 121.51 (Today’s Low) below that at 121 levels.