27 Jul 2015
USD/JPY: Bears remain in charge near 123.70
FXStreet (Mumbai) - The US dollar ran through fresh offers versus the Japanese currency at Tokyo open, sending USD/JPY slightly lower around 123.70 levels. The yen keeps an edge over the US currency in a data-quiet Asian session as traders continue to digest Friday’s mixed US macro news ahead of a busy US calendar later tonight.
USD/JPY rejected at 123.79
Currently, the USD/JPY pair trades -0.10 lower at 123.70, keeping range somewhat below 124 barrier. USD/JPY keeps red in early moves as traders continue to sell-off the US dollar following the recent US macro data, namely new home sales in June which disappointed markets on Friday.
However, offering some support to the USD bulls, the IMF appraised the recent reforms by Abe's government, however urged the taking of additional steps, especially in the monetary policy area, keeping gains in the Japanese currency checked.
Looking ahead, markets turn their attention towards the New York session with the key US durable goods data on cards which may set the tone for Wednesday’s FOMC statement.
USD/JPY Technical Levels
To the upside, the next resistance is located 123. 85 (July 26 High) levels and above which it could extend gains 124.12 (July 24 High) levels. To the downside immediate support might be located at 123.57 (July 24 Low) below that at 123.23 (July 15 Low) levels.
USD/JPY rejected at 123.79
Currently, the USD/JPY pair trades -0.10 lower at 123.70, keeping range somewhat below 124 barrier. USD/JPY keeps red in early moves as traders continue to sell-off the US dollar following the recent US macro data, namely new home sales in June which disappointed markets on Friday.
However, offering some support to the USD bulls, the IMF appraised the recent reforms by Abe's government, however urged the taking of additional steps, especially in the monetary policy area, keeping gains in the Japanese currency checked.
Looking ahead, markets turn their attention towards the New York session with the key US durable goods data on cards which may set the tone for Wednesday’s FOMC statement.
USD/JPY Technical Levels
To the upside, the next resistance is located 123. 85 (July 26 High) levels and above which it could extend gains 124.12 (July 24 High) levels. To the downside immediate support might be located at 123.57 (July 24 Low) below that at 123.23 (July 15 Low) levels.