FXStreet (Córdoba) – USD/JPY continues to trade just above 123.00, having advanced a few pips higher toward daily highs after the latest series of US data showed existing home sales rose more than expected in May.
US existing home sales rose 5.1% in May to 5.35 million versus 5.26 million expected and following 5.04 million in April. The dollar managed to rise slightly, but overall it continues to trade within familiar ranges.
At time of writing, USD/JPY is trading at 123.25, up 0.49% on the day but having pulled back from a peak of 123.33 scored earlier.
USD/JPY technical perspective
“In the 4 hours chart, the technical indicators maintain a mild positive tone, albeit the price continues to trade range bound between moving averages”, said Valeria Bednarik, chief analyst at FXStreet. “The 123.30/40 region has proved strong in the past, so it will take a clear break above it to confirm additional gains in the pair, eyeing then an advance up to 124.10”.
(Market News Provided by FXstreet)