14 Jul 2015
USD/JPY frozen around 123.40, US data eyed
FXStreet (Mumbai) - The US dollar continues to trade around a flat line versus the Japanese in the late-European session, keeping USD/JPY stuck around 123.40 levels. The major trades muted amid lack of fundamental triggers mainly awaiting fresh incentives from the upcoming retail sales data from the US.
USD/JPY supported at 123.20
Currently, the USD/JPY pair trades modestly flat at 123.40, hovering in a slim range above 123.30 session lows. The major keeps its side-trend intact during the European session as the USD bulls keep calm ahead of a slew of US economic releases due later today. The data are expected to say more about the health of the US economy amid speculation on when the Federal Reserve (Fed) will decide to raise its interest rates.
While Bank of Japan’s (BOJ) monetary policy decision is also awaited amid unstable global financial conditions, which may further impact on the USD/JPY pair. Moreover, the yen may receive some support in the week as Greek vote remains on investors’ mind, raising concerns whether the country's parliament will pass reforms demanded by creditors.
Looking ahead, markets will shift their focus towards tomorrow's address from Federal Reserve (Fed) Chair Janet Yellen as she delivers the central bank's Semi-annual Monetary Policy Report.
USD/JPY Technical Levels
To the upside, the next resistance is located 123.73 (Today’s High) levels and above which it could extend gains 123.98 (June 29 High) levels. To the downside immediate support might be located at 123.20 (Today’s Low) below that at 122.94 (July 2 Low) levels.
USD/JPY supported at 123.20
Currently, the USD/JPY pair trades modestly flat at 123.40, hovering in a slim range above 123.30 session lows. The major keeps its side-trend intact during the European session as the USD bulls keep calm ahead of a slew of US economic releases due later today. The data are expected to say more about the health of the US economy amid speculation on when the Federal Reserve (Fed) will decide to raise its interest rates.
While Bank of Japan’s (BOJ) monetary policy decision is also awaited amid unstable global financial conditions, which may further impact on the USD/JPY pair. Moreover, the yen may receive some support in the week as Greek vote remains on investors’ mind, raising concerns whether the country's parliament will pass reforms demanded by creditors.
Looking ahead, markets will shift their focus towards tomorrow's address from Federal Reserve (Fed) Chair Janet Yellen as she delivers the central bank's Semi-annual Monetary Policy Report.
USD/JPY Technical Levels
To the upside, the next resistance is located 123.73 (Today’s High) levels and above which it could extend gains 123.98 (June 29 High) levels. To the downside immediate support might be located at 123.20 (Today’s Low) below that at 122.94 (July 2 Low) levels.