USD/JPY testing highs near 124.50
Currently, the USD/JPY pair trades modestly flat at 124.43, fighting hard to reclaim 124.50 levels. The greenback remained better bid in Asia against the Japanese currency as the USD bulls continued to ride higher on Fed Lockhart’s comments, stating that Sept would be the appropriate time to raise interest rates which offered the much-need impetus to the US dollar.
Moreover, downbeat Japanese services PMI data added to further losses in the yen, driving USD/JPY higher. Meanwhile, the buck appears to gather pace in a bid to re-test the key level – 124.50 for the fifth time ahead of Friday’s NFP.
Later in the day, the USD/JPY pair could be influenced by US ADP employment data, trade figures and services PMI report ahead of Friday’s BOJ’s monetary policy statement.
USD/JPY Technical Levels
To the upside, the next resistance is located 124.50 (July 21 High) levels and above which it could extend gains 124.75 (June 9 High) levels. To the downside immediate support might be located at 124 below that at 123.73 (July 21 Low) levels.
Currently, the USD/JPY pair trades modestly flat at 124.43, fighting hard to reclaim 124.50 levels. The greenback remained better bid in Asia against the Japanese currency as the USD bulls continued to ride higher on Fed Lockhart’s comments, stating that Sept would be the appropriate time to raise interest rates which offered the much-need impetus to the US dollar.
Moreover, downbeat Japanese services PMI data added to further losses in the yen, driving USD/JPY higher. Meanwhile, the buck appears to gather pace in a bid to re-test the key level – 124.50 for the fifth time ahead of Friday’s NFP.
Later in the day, the USD/JPY pair could be influenced by US ADP employment data, trade figures and services PMI report ahead of Friday’s BOJ’s monetary policy statement.
USD/JPY Technical Levels
To the upside, the next resistance is located 124.50 (July 21 High) levels and above which it could extend gains 124.75 (June 9 High) levels. To the downside immediate support might be located at 124 below that at 123.73 (July 21 Low) levels.
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