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23 Jun 2015
USD/JPY well bid around 123.40
FXStreet (Mumbai) - The US dollar keeps a slight edge over the Japanese currency at Tokyo open, with USD/JPY well bid above 123 handle. The major looks to run through fresh buyers as Asia kicks-off with the USD bulls supported on the back of impressive home sales data from the US last session. While lack of progress on the Greece front also lends a helping hand to the safe-haven bids in yen buoyed.
USD/JPY looks for fresh incentives
Currently, the USD/JPY pair trades dead flat at 123.38, sitting comfortably above 123 barrier. USD/JPY trades muted on the back of mixed cues as the recent upbeat US data supports the greenback on one side, a better bid EUR/USD on Greek hopes keeps gains in the USD capped.
American existing home sales surprised on the upside on Monday, as the National Association of Realtors (NAR) revealed that existing home sales rose 5.1% in May to 5.35 million - the highest pace since 2009. The figure beat the 5.28 million unit sales pace the market expected.
Meanwhile, the US dolar index, measuring the relative strength of the greenback against a basket of six major currencies trades almost unchanged at 94.52.
Looking ahead this week, traders are keeping an eye out for May’s durable goods release and the third estimate of the first-quarter US GDP growth, scheduled for Tuesday and Wednesday respectively. While ongoing Greek talks are likely to remain in the spotlight in the week ahead.
USD/JPY Technical Levels
To the upside, the next resistance is located 123 .61 (June 18) levels and above which it could extend gains 123.83 (June 12 High) levels. To the downside immediate support might be located at 123 below that at 122.57 (June 22 Low) levels.
USD/JPY looks for fresh incentives
Currently, the USD/JPY pair trades dead flat at 123.38, sitting comfortably above 123 barrier. USD/JPY trades muted on the back of mixed cues as the recent upbeat US data supports the greenback on one side, a better bid EUR/USD on Greek hopes keeps gains in the USD capped.
American existing home sales surprised on the upside on Monday, as the National Association of Realtors (NAR) revealed that existing home sales rose 5.1% in May to 5.35 million - the highest pace since 2009. The figure beat the 5.28 million unit sales pace the market expected.
Meanwhile, the US dolar index, measuring the relative strength of the greenback against a basket of six major currencies trades almost unchanged at 94.52.
Looking ahead this week, traders are keeping an eye out for May’s durable goods release and the third estimate of the first-quarter US GDP growth, scheduled for Tuesday and Wednesday respectively. While ongoing Greek talks are likely to remain in the spotlight in the week ahead.
USD/JPY Technical Levels
To the upside, the next resistance is located 123 .61 (June 18) levels and above which it could extend gains 123.83 (June 12 High) levels. To the downside immediate support might be located at 123 below that at 122.57 (June 22 Low) levels.