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20 Aug 2015
USD/JPY wavers around 124
FXStreet (Mumbai) - The US dollar erased losses and jumped back into gains during the mid-European session, now lifting USD/JPY near 124 levels. However, the upside remains restricted as the US dollar continues to suffer from the aftermath of the FOMC minutes as traders now await US data releases for further incentives.
US data in focus
Currently, the USD/JPY pair trades 0.15% higher at 124, keeping range intact during this session. The dollar-yen pair dropped to lows near 123.80 levels in early moves as fresh selling interest resurfaced as the European traders hit their desks, digesting the latest FOMC minutes.
The gains in the USD/JPY pair remains capped as the greenback faced a double whammy from poor US CPI figures and weakening speculation of a Sept rate hike.
Markets now await a host of US macro data due for release later tonight for further momentum on the pair.
USD/JPY Technical Levels
To the upside, the next resistance is located 124.50 (Aug 19 High) levels and above which it could extend gains 124.64 (Aug 13 High) levels. To the downside immediate support might be located at 123.82 (Today’s Low) below that at 123.65 (50-DMA) levels.
US data in focus
Currently, the USD/JPY pair trades 0.15% higher at 124, keeping range intact during this session. The dollar-yen pair dropped to lows near 123.80 levels in early moves as fresh selling interest resurfaced as the European traders hit their desks, digesting the latest FOMC minutes.
The gains in the USD/JPY pair remains capped as the greenback faced a double whammy from poor US CPI figures and weakening speculation of a Sept rate hike.
Markets now await a host of US macro data due for release later tonight for further momentum on the pair.
USD/JPY Technical Levels
To the upside, the next resistance is located 124.50 (Aug 19 High) levels and above which it could extend gains 124.64 (Aug 13 High) levels. To the downside immediate support might be located at 123.82 (Today’s Low) below that at 123.65 (50-DMA) levels.