USD/JPY Current price: 123.74
View Live Chart for the USD/JPY
Up to 124.45 with strong US data. The USD/JPY pair recovered most of the ground lost this week, with the Japanese Yen weakening as local share markets stabilized following Monday's sell-off. Also, European equities are trading higher whilst pre-opening, US indexes are in the green. Trading above 123.70, the USD/JPY 1 hour chat shows that the price is now finding short term support around its 100 SMA, while the technical indicators are losing their upward strength in overbought levels. In the 4 hours chart, the technical indicators have turned flat around their mid-lines, rather reflecting the ongoing range than suggesting the pair has lost its upward potential. Upcoming movements will likely be dependent on US data, with up beating manufacturing and confidence readings favoring a rally towards the 124.20 price zone. Further gains however, seem unlikely, as sellers have been surging on spikes towards the 124.00/40 region since late May. Worse-than-expected US data on the other hand, can send the pair down to 123.30, where intraday buyers should halt the slide.
Support levels: 123.30 122.90 122.40
Resistance levels: 124.20 124.45 124.90
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