12 Aug 2015
USD/JPY keeps falling on weaker dollar, near 124.25
FXStreet (Mumbai) - The US dollar stalled its tepid recovery and fell further into losses against the Japanese yen ahead of US open, with USD/JPY miring near session lows. The major remains heavy as the greenback came under renewed selling pressure across the board after the Aussie rebounded sharply on RBA Lowe’s comments.
USD/JPY drops to lows at 124.13
Currently, the USD/JPY pair trades -0.70% lower at 124.25, retreating slightly form fresh session lows reached at 124.13. The USD bulls find no respite and continue to extend in the red as the US currency accelerates losses against its major competitors, undermined by a sudden buying seen in the AUD/USD pair following RBA Deputy Governor Lowe’s dovish comments.
Moreover, traders resorted to profit-taking after the major reached fresh two-month highs beyond 125 levels ahead of Thursday’s economic data from both the continents which may major impact on the pair.
Looking ahead, FOMC member Dudley’s speech and JOLTS job openings data will also be closely watched ahead of tomorrow’s Japan core machine orders and retails sales data from the US.
USD/JPY Technical Levels
To the upside, the next resistance is located 125.69 (June 8 High) levels and above which it could extend gains 125.86 (June 5 High) levels. To the downside immediate support might be located at 124.13 (Today’s Low) below that at 123.77 (Aug 4 Low) levels.
USD/JPY drops to lows at 124.13
Currently, the USD/JPY pair trades -0.70% lower at 124.25, retreating slightly form fresh session lows reached at 124.13. The USD bulls find no respite and continue to extend in the red as the US currency accelerates losses against its major competitors, undermined by a sudden buying seen in the AUD/USD pair following RBA Deputy Governor Lowe’s dovish comments.
Moreover, traders resorted to profit-taking after the major reached fresh two-month highs beyond 125 levels ahead of Thursday’s economic data from both the continents which may major impact on the pair.
Looking ahead, FOMC member Dudley’s speech and JOLTS job openings data will also be closely watched ahead of tomorrow’s Japan core machine orders and retails sales data from the US.
USD/JPY Technical Levels
To the upside, the next resistance is located 125.69 (June 8 High) levels and above which it could extend gains 125.86 (June 5 High) levels. To the downside immediate support might be located at 124.13 (Today’s Low) below that at 123.77 (Aug 4 Low) levels.