15 Jul 2015
USD/JPY finds resistance below 124.00
FXStreet (Córdoba) - USD/JPY soared after the testimony of Janet Yellen and climbed toward 124.00. The pair peaked at 123.96 hitting the highest level since June 26 and currently trades at 123.75/80, consolidating a gain of 40 pips.
The US dollar is rising across the board while the yen is posting mix results. Yellen repeated that the Federal Reserve is likely to raise rates during the current year and boosted the dollar in the currency market. While speaking with US Representatives said that if the central bank starts rising late it would have to raise faster.
USD/JPY levels to watch
The pair continued to recover on Wednesday after falling last week to 120.35. Since then it has risen more than 300 pips and is now headed toward the highest close for July.
To the upside, immediate resistance lies around the 124.00 area. A daily close on top of the mentioned level should add momentum to the US dollar. On the downside, the pair has two important dynamic supports: the daily 20-SMA currently at 122.85 and a bullish uptrend line originated in December that stands at 120.10/20.
The US dollar is rising across the board while the yen is posting mix results. Yellen repeated that the Federal Reserve is likely to raise rates during the current year and boosted the dollar in the currency market. While speaking with US Representatives said that if the central bank starts rising late it would have to raise faster.
USD/JPY levels to watch
The pair continued to recover on Wednesday after falling last week to 120.35. Since then it has risen more than 300 pips and is now headed toward the highest close for July.
To the upside, immediate resistance lies around the 124.00 area. A daily close on top of the mentioned level should add momentum to the US dollar. On the downside, the pair has two important dynamic supports: the daily 20-SMA currently at 122.85 and a bullish uptrend line originated in December that stands at 120.10/20.