3 Jul 2015
USD/JPY: Will Yen find love on safe haven appeal?
FXStreet (Mumbai) - The USD/JPY pair was rejected at its hourly 200-MA earlier today, after which the bid tone on the JPY pushed the pair to 122.90 levels low volumes on account of trading holiday in the US.
Focus on Greek referendum
Investors across the globe are worried about the outcome of the Greek referendum, which could result in Grexit (No vote) or resignation of PM Tsipras (Yes vote). However, the reaction in the markets is dull, with the traditional safe haven assets like CHF, Bunds are struggling to rise.
It remains to be seen if the safe haven Yen gains as we head into the weekend. At the moment, the USD/JPY pair is down 0.77%, compared to the previous week’s closing at 123.86.
USD/JPY Technical Levels
The pair currently trades at 122.90. The immediate support is located at 122.56 (50-DMA), followed by another support at 121.94 (June 30 low). On the other hand, resistance is seen at 123.21 (10-DMA) and 123.86.
Focus on Greek referendum
Investors across the globe are worried about the outcome of the Greek referendum, which could result in Grexit (No vote) or resignation of PM Tsipras (Yes vote). However, the reaction in the markets is dull, with the traditional safe haven assets like CHF, Bunds are struggling to rise.
It remains to be seen if the safe haven Yen gains as we head into the weekend. At the moment, the USD/JPY pair is down 0.77%, compared to the previous week’s closing at 123.86.
USD/JPY Technical Levels
The pair currently trades at 122.90. The immediate support is located at 122.56 (50-DMA), followed by another support at 121.94 (June 30 low). On the other hand, resistance is seen at 123.21 (10-DMA) and 123.86.