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31 Jul 2015
USD/JPY erases weekly gains after US data
FXStreet (Córdoba) - USD/JPY fell sharply toward fresh daily lows and erased almost completely previou weekly gains as the dollar weakened broadly on the back of of extremely low wage growth in the US.
USD/JPY fell more than 60 pips in a matter of minutes and printed a 2-day low of 123.70, trimming FOMC statement and GDP inspired gain from earlier this week. At time of writing, the pair is trading at 123.85, down 0.22% on the day and little changed in the week.
US labor cost rises at slowest pace since 1982
US employment-cost index climbed a seasonally adjusted 0.2% in the second quarter, the Labor Department said Friday. The reading missed expectations of 0.6% and marked the smallest quarterly gain since record keeping began in 1982.
USD/JPY technical levels
As for technical levels, next supports for USD/JPY are seen at 123.70 (Jul 31 low), 123.45 (50-day SMA) and 123.06 (Jul 28 low). On the flip side, resistances could be found at 124.36 (Jul 31 high), 124.57 (Jul 30 high) and 124.73 (Jun 9 high).
USD/JPY fell more than 60 pips in a matter of minutes and printed a 2-day low of 123.70, trimming FOMC statement and GDP inspired gain from earlier this week. At time of writing, the pair is trading at 123.85, down 0.22% on the day and little changed in the week.
US labor cost rises at slowest pace since 1982
US employment-cost index climbed a seasonally adjusted 0.2% in the second quarter, the Labor Department said Friday. The reading missed expectations of 0.6% and marked the smallest quarterly gain since record keeping began in 1982.
USD/JPY technical levels
As for technical levels, next supports for USD/JPY are seen at 123.70 (Jul 31 low), 123.45 (50-day SMA) and 123.06 (Jul 28 low). On the flip side, resistances could be found at 124.36 (Jul 31 high), 124.57 (Jul 30 high) and 124.73 (Jun 9 high).