FXStreet (Edinburgh) – The Japanese yen is appreciating further vs. its American counterpart on Friday, taking USD/JPY to the area of 123.40 so far.
USD/JPY softer post-Japanese data
The Japanese currency gathered further traction after consumer prices in the domestic economy showed some signs of recovery during the last month. Collaborating with the yen-upside, Jobs/Applicants Ratio and Overall Household Spending surprised to the upside, while the labour market remains tight.
On the US side, the only release today will be the final result from the Reuters/Michigan index, expected at 94.6 during May.
USD/JPY levels to watch
As of writing the pair is losing 0.16% at 123.42 and a breakdown of 123.23 (low Jun.26) would expose 123.20 (61.8% of 122.48-124.38) and finally 123.00 (psychological level). On the upside, the immediate hurdle lines up at 123.96 (high Jun.25) ahead of 124.38 (high Jun.24) and then 124.46 (high Jun.18).
(Market News Provided by FXstreet)