17 Aug 2015
USD/JPY rebounds from 124.20
FXStreet (Edinburgh) - After dropping to session lows in the 124.20 area, USD/JPY has managed to regain traction and return to the 124.30/40 band so far.
USD/JPY capped by 124.60
The pair could not sustain session peaks in the 124.60 area during the European morning, correcting to lows around 124.20 along with a renewed selling interest in the dollar in the wake of a disappointing US Empire State index. A poor performance of US Treasuries are also limiting any bullish attempt so far, as the 10-year benchmark hovers over 2.16, or dropping almost 1.9%.
In the data space, flash Japanese GDP figures showed the economy contracted 0.4% inter-quarter, less than the 0.5% contraction initially estimated, while the annual contraction reached 1.6%.
USD/JPY levels to consider
As of writing the pair is up 0.04% at 124.36 facing the initial resistance at 124.63 (high Aug.13) ahead of 124.89 (high Aug.10) and finally 125.06 (high Aug.7). On the downside, a break below 124.22 (low Aug.17) would target 124.05 (low Aug.14) en route to 123.79 (low Aug.12).
USD/JPY capped by 124.60
The pair could not sustain session peaks in the 124.60 area during the European morning, correcting to lows around 124.20 along with a renewed selling interest in the dollar in the wake of a disappointing US Empire State index. A poor performance of US Treasuries are also limiting any bullish attempt so far, as the 10-year benchmark hovers over 2.16, or dropping almost 1.9%.
In the data space, flash Japanese GDP figures showed the economy contracted 0.4% inter-quarter, less than the 0.5% contraction initially estimated, while the annual contraction reached 1.6%.
USD/JPY levels to consider
As of writing the pair is up 0.04% at 124.36 facing the initial resistance at 124.63 (high Aug.13) ahead of 124.89 (high Aug.10) and finally 125.06 (high Aug.7). On the downside, a break below 124.22 (low Aug.17) would target 124.05 (low Aug.14) en route to 123.79 (low Aug.12).