FXStreet (Edinburgh) – The greenback has recovered some of its shine in the European morning, now lifting USD/JPY to session lows beyond the 123.00 handle.
USD/JPY firmer, USD bid
A bout of buying interest in the US dollar has been sustaining the pair’s current bull run above the key barrier at 123.00, helped by the positive tone from the US Treasuries so far.
In its Monthly Economic Survey, the Bank of Japan stressed that the economy has been recovering at a moderate pace, while Governor H.Kuroda emphasized that the central bank has ample means to achieve the inflation target. He also ruled out any early exit strategy for the time being adding that the bank is not targeting the FX markets.
USD/JPY levels to consider
As of writing the pair is gaining 0.33% at 123.10 with the next hurdle at 123.21 (high Jun.19) followed by 123.55 (Tenkan Sen) and finally 123.61 (high Jun.18). On the downside, a breach of 122.56 (low Jun.22) would open the door to 122.55 (Kijun Sen) and then 122.48 (low Jun.18).
(Market News Provided by FXstreet)