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4 Jun 2015
USD/JPY pares losses, regains 124
FXStreet (Mumbai) - The US dollar recovered more than half its slide versus the Japanese currency in the mid-European session, with USD/JPY keeping losses above 124 handle, as markets chose to ignore the underlying US dollar softness across board while awaiting fresh cues from the upcoming US jobs and productivity data due later in the US session.
USD/JPY rises from 123.79 lows
Currently, the USD/JPY pair trades -0.12% lower at 124.10, bouncing-off fresh session lows reached at 123.79 last hours. The USD/JPY pair erased partial losses, although remains pressured amid broad USD weakness ahead of US macro releases.
However, the downside remains cushioned largely as the yen remains under selling pressure from the last two week on the back of divergent monetary policy outlooks between the US and Japan.
Moreover, the pair remains supported also due to rising US treasury yields, with 10-yields rally nearly 1% at 2.388% while the 2-yr yields on T-bills turned positive at 0.680%.
USD/JPY Technical Levels
To the upside, the next resistance is located at 124.69 (June 3 High) levels and above which it could extend gains 124.93 (June 1 High) levels. To the downside immediate support might be located at 123.79 (Today’s Low) below that at 123.47 (May 28 Low) levels.
USD/JPY rises from 123.79 lows
Currently, the USD/JPY pair trades -0.12% lower at 124.10, bouncing-off fresh session lows reached at 123.79 last hours. The USD/JPY pair erased partial losses, although remains pressured amid broad USD weakness ahead of US macro releases.
However, the downside remains cushioned largely as the yen remains under selling pressure from the last two week on the back of divergent monetary policy outlooks between the US and Japan.
Moreover, the pair remains supported also due to rising US treasury yields, with 10-yields rally nearly 1% at 2.388% while the 2-yr yields on T-bills turned positive at 0.680%.
USD/JPY Technical Levels
To the upside, the next resistance is located at 124.69 (June 3 High) levels and above which it could extend gains 124.93 (June 1 High) levels. To the downside immediate support might be located at 123.79 (Today’s Low) below that at 123.47 (May 28 Low) levels.