22 Jul 2015
USD/JPY consolidates above 124.00 despite stocks, yields
FXStreet (Córdoba) - USD/JPY is consolidating gains as it remains above 124.00. Earlier printed a fresh daily high at 124.14 and it has been trading in a range between the highs and 124.00.
The pair is up for the day so far, despite a decline in US government bonds and in equities. In Wall Street the Dow Jones was falling 0.38% while the Nasdaq was down 0.58%.
USD/JPY preparing another test of 124.50?
The Japanese currency rose yesterday against the US dollar but it was a short-lived recovery. Greenback strengthened in the market and pushed USD/JPY to the upside. The pair approached again to the key short term support located around 124.50. A break higher could trigger another bullish run with a probable target at 125.00.
In the opposite direction, immediate support is seen at 124.00 and below, a consolidation under 123.65 could open the doors for a more significant bearish correction.
The pair is up for the day so far, despite a decline in US government bonds and in equities. In Wall Street the Dow Jones was falling 0.38% while the Nasdaq was down 0.58%.
USD/JPY preparing another test of 124.50?
The Japanese currency rose yesterday against the US dollar but it was a short-lived recovery. Greenback strengthened in the market and pushed USD/JPY to the upside. The pair approached again to the key short term support located around 124.50. A break higher could trigger another bullish run with a probable target at 125.00.
In the opposite direction, immediate support is seen at 124.00 and below, a consolidation under 123.65 could open the doors for a more significant bearish correction.