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16 Jul 2015
USD/JPY testing highs near 124
FXStreet (Mumbai) - The US dollar remains boosted against the Japanese yen in the mid-European trades, with USD/JPY bidding to attack 124 levels. The major clinches on to gains as the USD remains firmer supported by the recent macro releases from the US while awaiting fresh insights from Fed Chair Yellen’s testimony.
USD/JPY supported above 123.76
Currently, the USD/JPY pair trades 0.18% higher at fresh session highs 123.98 and is set to test 124 barrier shortly. USD/JPY climbed kept gains this session as markets now turn their focus towards initial and continuous jobless claims and day-2 of Fed Chair Yellen's testimony due later in the New York session.
The greenback strengthened on Wednesday, supported by solid US PPI and industrial production figures. Further, the greenback also received a boost from somewhat hawkish remarks of Yellen, who stated that the Fed is on to raise rates this year.
USD/JPY Technical Levels
To the upside, the next resistance is located 124.19 (June 23 High) levels and above which it could extend gains 124.38 (June 24 High) levels. To the downside immediate support might be located at 123.76 (Today’s Low) below that at 123.23 (July 15 Low) levels.
USD/JPY supported above 123.76
Currently, the USD/JPY pair trades 0.18% higher at fresh session highs 123.98 and is set to test 124 barrier shortly. USD/JPY climbed kept gains this session as markets now turn their focus towards initial and continuous jobless claims and day-2 of Fed Chair Yellen's testimony due later in the New York session.
The greenback strengthened on Wednesday, supported by solid US PPI and industrial production figures. Further, the greenback also received a boost from somewhat hawkish remarks of Yellen, who stated that the Fed is on to raise rates this year.
USD/JPY Technical Levels
To the upside, the next resistance is located 124.19 (June 23 High) levels and above which it could extend gains 124.38 (June 24 High) levels. To the downside immediate support might be located at 123.76 (Today’s Low) below that at 123.23 (July 15 Low) levels.