9 Jun 2015
USD/JPY stabilizes in the low-124.00s
FXStreet (Edinburgh) - The recovery in the greenback keeps running out of vigour on Tuesday, although USD/JPY manages well to keep the trade above the 124.00 handle.
USD/JPY supported at 124.00
The ongoing correction lower from recent fresh cycle peaks around 125.80 have found solid buffer in the 123.80/124.00 band, allowing the current bounce and attempt to consolidate in the 124.20 area.
Significant data releases are scarce in both Japan and the US in a context where volatility remains highly unusual and mainly driven by Greek headlines. The greenback, in the meantime, is unable to capitalize today’s positive performance of Treasuries, usually a source of USD-strength.
USD/JPY levels to watch
The pair is now losing 0.27% at 124.14 facing the next support at 123.86 (low Jun.9) ahead of 123.78 (low Jun.4) and then 123.60 (low May 29). On the flip side, a breakout of 124.74 (high Jun.9) would open the door to 125.68 (high Jun.8) and finally125.86 (2015 high Jun.5).
USD/JPY supported at 124.00
The ongoing correction lower from recent fresh cycle peaks around 125.80 have found solid buffer in the 123.80/124.00 band, allowing the current bounce and attempt to consolidate in the 124.20 area.
Significant data releases are scarce in both Japan and the US in a context where volatility remains highly unusual and mainly driven by Greek headlines. The greenback, in the meantime, is unable to capitalize today’s positive performance of Treasuries, usually a source of USD-strength.
USD/JPY levels to watch
The pair is now losing 0.27% at 124.14 facing the next support at 123.86 (low Jun.9) ahead of 123.78 (low Jun.4) and then 123.60 (low May 29). On the flip side, a breakout of 124.74 (high Jun.9) would open the door to 125.68 (high Jun.8) and finally125.86 (2015 high Jun.5).