8 Jul 2015
USD/JPY extends the drop below 122.00
FXStreet (Edinburgh) - The Japanese yen is markedly appreciating vs. its American counterpart on Wednesday, dragging USD/JPY to fresh lows near 121.60.
USD/JPY in 6-week lows
The pair is now intensifying the breakdown of the 122.00 key support and printing multi-week troughs near 121.60. Safe haven inflows in response to a persistent risk-aversion triggered by current developments (or lack of them) around Greece are behind the down move in spot, which is trading in levels last seen in late May.
A profit-taking session in the US dollar has been also collaborating with the downside in the pair, although the USD will take centre stage later with the release of the FOMC minutes.
USD/JPY relevant levels
At the moment the pair is retreating 0.73% at 121.64 and a breakdown of 121.45 (low May 25) would expose 121.00 (psychological level) and then 120.63 (low May 20). On the other hand, the immediate hurdle aligns at 122.90 (high Jul.7) followed by 123.46 (high Jul.1) and finally 123.73 (high Jul.2).
USD/JPY in 6-week lows
The pair is now intensifying the breakdown of the 122.00 key support and printing multi-week troughs near 121.60. Safe haven inflows in response to a persistent risk-aversion triggered by current developments (or lack of them) around Greece are behind the down move in spot, which is trading in levels last seen in late May.
A profit-taking session in the US dollar has been also collaborating with the downside in the pair, although the USD will take centre stage later with the release of the FOMC minutes.
USD/JPY relevant levels
At the moment the pair is retreating 0.73% at 121.64 and a breakdown of 121.45 (low May 25) would expose 121.00 (psychological level) and then 120.63 (low May 20). On the other hand, the immediate hurdle aligns at 122.90 (high Jul.7) followed by 123.46 (high Jul.1) and finally 123.73 (high Jul.2).