FXStreet (Mumbai) – The USD/JPY pair trades above its weekly 5-DMA located at 123.70 as the strength in the European currencies amid Greek impasse is capping gains in the safe havens.
Safe havens under pressure
The rise in the European currencies against the US dollar amid Greek impasse, coupled with a rise in the treasury yields increased bearish pressure on the safe haven Japanese Yen. However, the gains in the pair are being capped due to broad based weakness in the USD.
Ahead in the day, the pair could be influenced by the US personal spending and personal income report. The markets would also see if the weekly jobless claims stay below 300K for the 16th consecutive week.
USD/JPY Technical Levels
The immediate resistance is located at 123.85 (hourly 50-MA), followed by another resistance at 124.15-124.20. On the flip side, support is seen at 123.70 (5-WMA) and 123.46 (hourly 100-MA).
(Market News Provided by FXstreet)