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14 Aug 2015
USD/JPY: Bulls unperturbed by Yuan fix, extends to 124.50
FXStreet (Mumbai) - The bid tone surrounding the USD/JPY pair is picking-up pace in the Asian morning, as the US dollar remains supported against the Japanese yen following the latest China Yuan fix announcement which had negligible impact while markets continue to cheer the upbeat retail sales data from US.
USD/JPY rises from 124.40 levels
Currently, the USD/JPY pair trades 0.06% higher at fresh session highs at 124.54, extending higher post Yuan fix. The greenback climbed higher against the yen as the latest PBOC yuan fixing was seen only 0.05% stronger versus Thursday 1.1% devaluation, which is expected to have little impact on the fx markets.
Moreover, markets are getting comfortable with the new China fx regime and remain calm this morning, keeping Sept Fed rate hike very much in play. Thus, boosting the USD/JPY pair to fresh session highs.
Also, the major remains better bid against the Japanese currency riding higher on the wave of in line with estimates retail sales data from the US released on Thursday.
Looking ahead, a series of key macro releases from the US due later in the New York session may have major impact on further USD/JPY moves.
USD/JPY Technical Levels
To the upside, the next resistance is located 124.80 (Aug 10 High) levels and above which it could extend gains 125.08 (Aug 7 High) levels. To the downside immediate support might be located at 124.07 (Aug 13 Low) below that at 123.77 (Aug 12 Low) levels.
USD/JPY rises from 124.40 levels
Currently, the USD/JPY pair trades 0.06% higher at fresh session highs at 124.54, extending higher post Yuan fix. The greenback climbed higher against the yen as the latest PBOC yuan fixing was seen only 0.05% stronger versus Thursday 1.1% devaluation, which is expected to have little impact on the fx markets.
Moreover, markets are getting comfortable with the new China fx regime and remain calm this morning, keeping Sept Fed rate hike very much in play. Thus, boosting the USD/JPY pair to fresh session highs.
Also, the major remains better bid against the Japanese currency riding higher on the wave of in line with estimates retail sales data from the US released on Thursday.
Looking ahead, a series of key macro releases from the US due later in the New York session may have major impact on further USD/JPY moves.
USD/JPY Technical Levels
To the upside, the next resistance is located 124.80 (Aug 10 High) levels and above which it could extend gains 125.08 (Aug 7 High) levels. To the downside immediate support might be located at 124.07 (Aug 13 Low) below that at 123.77 (Aug 12 Low) levels.