13 Jul 2015
USD/JPY struggling to fill in bearish gap, EU Summit resumes
FXStreet (Mumbai) - The offered tone in the USD/JPY pair remains intact in the mid-Asian session, as the Japanese currency remains in demand amid Grexit fears as Greek talks resume at EU Summit in the early hours on Monday.
USD/JPY supported at 122.42
Currently, the USD/JPY pair trades -0.10% lower at 122.66, struggling to fill in the overnight bearish gap. The major hovers above 122.50 levels as increased safe-haven bids for yen continue to keep USD/JPY undermined as markets continue to closely monitor resumption of Greek talks at the EU summit.
Over the weekend’s emergency meeting the Eurozone leaders offered a 72-hours deadline (till July 15) to Greece for implementing the reforms in exchange for further bailout funds before a temporal Grexit is back on the table.
Looking ahead, markets await fresh Greece headlines from the EU Summit while BOJ monetary policy decision due this week amid a host of US macro data will also be closely watched for fresh cues on the pair.
USD/JPY Technical Levels
To the upside, the next resistance is located 122.94 (July 6 High) levels and above which it could extend gains 123.20 (July 3 High) levels. To the downside immediate support might be located at 122.42 (Today’s Low) below that at 122.19 (July 12 Low) levels.
USD/JPY supported at 122.42
Currently, the USD/JPY pair trades -0.10% lower at 122.66, struggling to fill in the overnight bearish gap. The major hovers above 122.50 levels as increased safe-haven bids for yen continue to keep USD/JPY undermined as markets continue to closely monitor resumption of Greek talks at the EU summit.
Over the weekend’s emergency meeting the Eurozone leaders offered a 72-hours deadline (till July 15) to Greece for implementing the reforms in exchange for further bailout funds before a temporal Grexit is back on the table.
Looking ahead, markets await fresh Greece headlines from the EU Summit while BOJ monetary policy decision due this week amid a host of US macro data will also be closely watched for fresh cues on the pair.
USD/JPY Technical Levels
To the upside, the next resistance is located 122.94 (July 6 High) levels and above which it could extend gains 123.20 (July 3 High) levels. To the downside immediate support might be located at 122.42 (Today’s Low) below that at 122.19 (July 12 Low) levels.