23 Jul 2015
USD/JPY supported at 123.70
FXStreet (Edinburgh) - The softer tone in the greenback today has dragged USD/JPY to session lows in the 123.70/60 band, where it is now attempting to bounce.
USD/JPY lower on USD-weakness
A bout of USD-selling has taken a toll on the pair, triggering a violent drop from the low-124.00s early in the European session to levels below 123.70. It seems the greenback has resumed its weakness seen early in the week, with the positive vote in the Greek Parliament being a potential driver for the offered tone in USD in favour of its riskier peers.
In the data sphere, the weekly report on the US labour market is due next, with Initial Claims expected at 280K in the week ended on July 17th. On the Japanese side, the trade deficit shrunk to ¥69 billion during May vs. April’s ¥217.2 billion deficit. Still in Japan, Foreign Investment figures and the manufacturing PMI tracked by Nomura/JMMA are next on tap.
USD/JPY levels to consider
As of writing the pair is down 0.11% at 123.83 facing the next support at 123.67 (low Jul.23) followed by 123.57 (low Jul.22) and then 123.38 (low Jul.15). On the upside, a surpass of 124.15 (high Jul.22) would open the door to 124.47 (high Jul.21) and finally 124.58 (high Jun.10).
USD/JPY lower on USD-weakness
A bout of USD-selling has taken a toll on the pair, triggering a violent drop from the low-124.00s early in the European session to levels below 123.70. It seems the greenback has resumed its weakness seen early in the week, with the positive vote in the Greek Parliament being a potential driver for the offered tone in USD in favour of its riskier peers.
In the data sphere, the weekly report on the US labour market is due next, with Initial Claims expected at 280K in the week ended on July 17th. On the Japanese side, the trade deficit shrunk to ¥69 billion during May vs. April’s ¥217.2 billion deficit. Still in Japan, Foreign Investment figures and the manufacturing PMI tracked by Nomura/JMMA are next on tap.
USD/JPY levels to consider
As of writing the pair is down 0.11% at 123.83 facing the next support at 123.67 (low Jul.23) followed by 123.57 (low Jul.22) and then 123.38 (low Jul.15). On the upside, a surpass of 124.15 (high Jul.22) would open the door to 124.47 (high Jul.21) and finally 124.58 (high Jun.10).