26 May 2015
USD/JPY rises to 122.30
FXStreet (Mumbai) - The USD/JPY pair shot higher to 122.30 as fresh bids entered once the pair breached the March 2015 high of 122.00.
USD/JPY – Will it sustain gains above 122.00?
The US dollar received a second wind today as the traders returned from the extended weekend. The strong US core CPI data released on Friday coupled with Yellen’s comments triggered a broad based USD rally, which is being extended since the Asian session.
Whether or not the pair manages to sustain above 122.00 depends in part on the US durable goods report (exp -0.4%, prev 4.0%) due for release today. Friday’s US first quarter GDP report too would be crucial for JPY traders.
USD/JPY Technical Levels
The pair currently trades at 122.27. The next major hurdle is seen at 124.12 (June 2007 high), followed by a psychological resistance level of 125.00. On the flip side, a break below 122.00 could see the pair re-test 121.75-121.70 levels.
USD/JPY – Will it sustain gains above 122.00?
The US dollar received a second wind today as the traders returned from the extended weekend. The strong US core CPI data released on Friday coupled with Yellen’s comments triggered a broad based USD rally, which is being extended since the Asian session.
Whether or not the pair manages to sustain above 122.00 depends in part on the US durable goods report (exp -0.4%, prev 4.0%) due for release today. Friday’s US first quarter GDP report too would be crucial for JPY traders.
USD/JPY Technical Levels
The pair currently trades at 122.27. The next major hurdle is seen at 124.12 (June 2007 high), followed by a psychological resistance level of 125.00. On the flip side, a break below 122.00 could see the pair re-test 121.75-121.70 levels.