14 Jul 2015
USD/JPY: Bulls take a breather, eases to 123.50
FXStreet (Mumbai) - The USD/JPY pair gave back early gains and trades almost unchanged in the mid-Asian session, as the USD bulls took a breather from its recent risk-on sentiment led upsurge ahead of a set of crucial US data flow due later today.
USD/JPY rejected at 123.73
Currently, the USD/JPY pair trades modestly flat at 123.50, having previously posted day’s high at 123.73 and day’s low by 123.39. The major hovers around 123.50 levels as the US dollar seems to consolidate its recent four back-to-back sessions of gains versus the yen heading into a data-heavy US economic calendar in the week ahead.
However, the greenback remains broadly supported as a generalized return of risk-on trades built on Greek deal is expected to keep market sentiment lifted. EU leaders finally agreed on Monday on terms which would see Greece remain in the European Union and receive bailout funding for the next three years.
Looking ahead, markets await retail sales and core retail sales data from the US while eyeing tomorrow's address from Federal Reserve (Fed) Chair Janet Yellen as she delivers the central bank's Semi-annual Monetary Policy Report.
USD/JPY Technical Levels
To the upside, the next resistance is located 123.73 (Today’s High) levels and above which it could extend gains 123.98 (June 29 High) levels. To the downside immediate support might be located at 123.39 (Today’s Low) below that at 122.94 (July 2 Low) levels.
USD/JPY rejected at 123.73
Currently, the USD/JPY pair trades modestly flat at 123.50, having previously posted day’s high at 123.73 and day’s low by 123.39. The major hovers around 123.50 levels as the US dollar seems to consolidate its recent four back-to-back sessions of gains versus the yen heading into a data-heavy US economic calendar in the week ahead.
However, the greenback remains broadly supported as a generalized return of risk-on trades built on Greek deal is expected to keep market sentiment lifted. EU leaders finally agreed on Monday on terms which would see Greece remain in the European Union and receive bailout funding for the next three years.
Looking ahead, markets await retail sales and core retail sales data from the US while eyeing tomorrow's address from Federal Reserve (Fed) Chair Janet Yellen as she delivers the central bank's Semi-annual Monetary Policy Report.
USD/JPY Technical Levels
To the upside, the next resistance is located 123.73 (Today’s High) levels and above which it could extend gains 123.98 (June 29 High) levels. To the downside immediate support might be located at 123.39 (Today’s Low) below that at 122.94 (July 2 Low) levels.