19 Aug 2015
USD/JPY trades around a flat line above 124, US CPI, FOMC eyed
FXStreet (Mumbai) - The US dollar continues to trade in a flat-lining versus its Japanese counterpart in the mid-European session, keeping USD/JPY in the same range below 124.50 levels, as traders remain on the side-lines awaiting fresh cues from the upcoming US CPI data and Fed minutes.
US CPI in focus
Currently, the USD/JPY pair trades modestly flat at 124.32, bouncing-off fresh session lows reached at 124.21.in last hours The dollar-yen pair extends its side-trend and trades listless await fresh incentives from the US CPI and Fed minutes for further direction on the USD moves.
Earlier this session, USD/JPY dipped to 124.21 session lows as the yen was caught with a fresh bid wave, boosted by increased demand for safety assets amid China worries.
Markets now wait to see how the Fed minutes read against the back drop of risk aversion on China fears which puts more pressure on the Federal Reserve to refrain from rate hike this year.
USD/JPY Technical Levels
To the upside, the next resistance is located 124.80 (Aug 10 High) levels and above which it could extend gains 125.08 (Aug 7 High) levels. To the downside immediate support might be located at 124.07 (Aug 13 Low) below that at 123.77 (Aug 12 Low) levels.
US CPI in focus
Currently, the USD/JPY pair trades modestly flat at 124.32, bouncing-off fresh session lows reached at 124.21.in last hours The dollar-yen pair extends its side-trend and trades listless await fresh incentives from the US CPI and Fed minutes for further direction on the USD moves.
Earlier this session, USD/JPY dipped to 124.21 session lows as the yen was caught with a fresh bid wave, boosted by increased demand for safety assets amid China worries.
Markets now wait to see how the Fed minutes read against the back drop of risk aversion on China fears which puts more pressure on the Federal Reserve to refrain from rate hike this year.
USD/JPY Technical Levels
To the upside, the next resistance is located 124.80 (Aug 10 High) levels and above which it could extend gains 125.08 (Aug 7 High) levels. To the downside immediate support might be located at 124.07 (Aug 13 Low) below that at 123.77 (Aug 12 Low) levels.