9 Jun 2015
USD/JPY keeps range circa 124.50
FXStreet (Mumbai) - The US dollar trades around a flat line versus the Japanese currency in the late-Asian session, with USD/JPY wavering around 124.50 levels. The major trades muted amid persistent broad US dollar softness as markets await fresh incentives from the session ahead amid a data-light European calendar.
USD/JPY awaits fresh cues
Currently, the USD/JPY pair trades flat at 124.50, finding good support at 124.40. The USD/JPY pair trades directionless ahead of the Europe open as the broad-based US dollar weakness continues to cap the upside in the major.
The US dollar index, measuring the relative strength of the greenback against a basket of six major currencies trades -0.19% lower at 95.04, heading towards session lows reached at 94.97.
Moreover, the major remains pressured as the yen remained little affected by Japan’s Prime Minister Abe’s comments overnight that weaker yen was leading to more visitors to Japan and supporting companies doing business overseas.
Meanwhile, traders will now wait for Thursday's US retail sales which will provide fresh cues for the rate hike timing ahead of the Fed's meeting June 16-17.
USD/JPY Technical Levels
To the upside, the next resistance is located at 124.74 (Today’s High) levels and above which it could extend gains 125 levels. To the downside immediate support might be located at 124.28 (June 8 Low) below that at 123.85 (June 1 Low) levels.
USD/JPY awaits fresh cues
Currently, the USD/JPY pair trades flat at 124.50, finding good support at 124.40. The USD/JPY pair trades directionless ahead of the Europe open as the broad-based US dollar weakness continues to cap the upside in the major.
The US dollar index, measuring the relative strength of the greenback against a basket of six major currencies trades -0.19% lower at 95.04, heading towards session lows reached at 94.97.
Moreover, the major remains pressured as the yen remained little affected by Japan’s Prime Minister Abe’s comments overnight that weaker yen was leading to more visitors to Japan and supporting companies doing business overseas.
Meanwhile, traders will now wait for Thursday's US retail sales which will provide fresh cues for the rate hike timing ahead of the Fed's meeting June 16-17.
USD/JPY Technical Levels
To the upside, the next resistance is located at 124.74 (Today’s High) levels and above which it could extend gains 125 levels. To the downside immediate support might be located at 124.28 (June 8 Low) below that at 123.85 (June 1 Low) levels.