- USD/JPY recovers lost ground, broad based USD strength and Yen weakness on Hamada’s comments pushing the pair higher
- Yen weakened after Japan’s PM Adviser Hamada hinted at further BOJ easing to counter the effects of Yuan devaluation
- Worse than estimated Japan’s core machinery orders data also dampened the sentiment around the Japanese currency
- USD/JPY is currently trading at 124.44, with next hurdle located at 124.57 (4H Cloud top), breaks above could see the pair at 124.95 (Session High Aug 12)
- Supports on the flipside are seen at 124.02 (4H Cloud base), followed by 123.80 (Daily Low Aug 4)
- U.S. retail sales and weekly jobless claims due later in the New York session are expected to have major influence on the pair
Resistance Levels:R1: 124.57 (4H Cloud top)R2: 124.69 (Hourly High Aug 12)R3: 125.28 (Session High Aug 12)Support Levels:S1: 124.02 (4H Cloud base)S2: 123.80 (Daily Low Aug 4)S3: 123.52 (Daily Low Jul 31)
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