FXStreet (Guatemala) – USD/JPY is currently trading at 123.74 with a high of 123.78 in Asia and low of 123.67.
USD/JPY has dropped away form 13 year highs to test territory to the downside around the aforementioned lows and support here with 123.50/60 a key zone that has held the off the downside flows for the week thus far. There has nothing of note except some late comers bailing and the greenback in supply but this may lead to a better entry point for the more committed bulls amongst us.
USD/JPY key levels to the downside
USD/JPY took out the June 2014 2007 highs but supply is protecting the higher ground and prospects of a a new bottom and higher highs for the next range up. Failures here could offer the impetus to hedge on corporate forward interest although a consolidation phase at 123.30 support and 123.41/23.6% retracement of the entire move down from the 1982 peak should keep the new bullish trend in place ahead of the 15 year downtrend at 122.07.
(Market News Provided by FXstreet)