4 Aug 2015
USD/JPY: Bulls struggling around 124, awaits fresh incentives
FXStreet (Mumbai) - The US dollar is seen trading directionless versus the Japanese currency in the mid-European session, now pushing USD/JPY towards 124 barrier, as the major continues to remain pressured on weaker US dollar across the board ahead of US factory orders data due to be released later in the New York session.
USD/JPY: Upside capped by 124.10
Currently, the USD/JPY pair trades modestly flat at 124, finding it difficult to sustain in the positive zone. USD/JPY continues its choppy trend during the European session with bears holding on the reigns as the greenback extends its bearish tone versus tis major peers following a poor show displayed US manufacturing PMI report on Monday. The US ISM manufacturing PMI eased to 52.7 in July from 53.5 results booked in June, which was the highest reading since January.
Later in the day, the USD/JPY pair could be influenced by factory orders data from the US. Moving on, we have a crucial week ahead in terms of key US economic releases while BOJ’s monetary policy statement will also remain in focus ahead of Friday’s crucial NFP data.
USD/JPY Technical Levels
To the upside, the next resistance is located 124.30 (Aug 3 High) levels and above which it could extend gains 124.50 (July 21 High) levels. To the downside immediate support might be located at 123.73 (July 21 Low) below that at 123.50 (July 31 Low) levels.
USD/JPY: Upside capped by 124.10
Currently, the USD/JPY pair trades modestly flat at 124, finding it difficult to sustain in the positive zone. USD/JPY continues its choppy trend during the European session with bears holding on the reigns as the greenback extends its bearish tone versus tis major peers following a poor show displayed US manufacturing PMI report on Monday. The US ISM manufacturing PMI eased to 52.7 in July from 53.5 results booked in June, which was the highest reading since January.
Later in the day, the USD/JPY pair could be influenced by factory orders data from the US. Moving on, we have a crucial week ahead in terms of key US economic releases while BOJ’s monetary policy statement will also remain in focus ahead of Friday’s crucial NFP data.
USD/JPY Technical Levels
To the upside, the next resistance is located 124.30 (Aug 3 High) levels and above which it could extend gains 124.50 (July 21 High) levels. To the downside immediate support might be located at 123.73 (July 21 Low) below that at 123.50 (July 31 Low) levels.