Back
14 Aug 2015
USD/JPY drops to lows near 124.40
FXStreet (Mumbai) - The US dollar erased gains and slipped in to the negative territory against the Japanese yen in the late Asian trades, sending USD/JPY to fresh session lows, as the greenback receded gains and now trades muted against its major competitors heading to a data heavy European session ahead.
USD/JPY retraces from 124.54 levels
Currently, the USD/JPY pair trades -0.06% lower at fresh session lows at 124.37, easing-off highs at 124.54. The major edged lower as the US dollar erased gains seen following the latest PBOC yuan fixing announcement, as markets resorted to profit-taking ahead of key data releases from the Euro zone which may have major impact on the USD moves.
In early Asia, the pair remain better bid and tested 124.50 levels as the greenback was riding higher on the recent upbeat US fundamentals and on Sept Fed rate-hike still alive.
Meanwhile, traders are eyeing Friday’s US PPI and the University of Michigan confidence gauge. Inflation for July is estimated to decline, while the UoM indicator is expected to improve slightly.
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 retraces from 124.54 levels
Currently, the USD/JPY pair trades -0.06% lower at fresh session lows at 124.37, easing-off highs at 124.54. The major edged lower as the US dollar erased gains seen following the latest PBOC yuan fixing announcement, as markets resorted to profit-taking ahead of key data releases from the Euro zone which may have major impact on the USD moves.
In early Asia, the pair remain better bid and tested 124.50 levels as the greenback was riding higher on the recent upbeat US fundamentals and on Sept Fed rate-hike still alive.
Meanwhile, traders are eyeing Friday’s US PPI and the University of Michigan confidence gauge. Inflation for July is estimated to decline, while the UoM indicator is expected to improve slightly.
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.