- U.S. Markit’s services sector PMI surprise uptick overnight boosted the buck taking USD/JPY to fresh two month highs by 125.00
- The pair broke above 124.40/60 resistance zone and sets new short-term trend high
- At the time of writing in the mid-Asian session, USD is trading slightly lower vs the yen at 124.74, paring some gains
- Some profit taking ticking in at highs, which could see some downside near-term, but pair is likely to resume upside ahead of weekly jobless claims due later today
- Friday’s BOJ policy decision and US NFP may provide fresh direction for the pair
Resistance Levels:R1: 125.01 (Session high August 5)R2: 125.60 (Hourly High Jun 8)R3: 125.68 (Daily High Jun 8)Support Levels:S1: 124.27 (Hourly low August 5)S2: 124.02 (Session low August 5)S3: 123.80 (Daily Low Aug 4)
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