FXStreet (Orlando) – The US dollar is trading in the recovery mode against the Japanese Yen as the pair found new buying interest at 124.10 that sent it back to 124.45. The USD/JPY previously declined 30 pips from the same 124.45.
In the day, the USD/JPY is falling for the second day but the pair is off the lows and currently it’s just 0.06% down on the day. USD/JPY is now trading at 124.41, having posted a daily high at 124.75 and low at 123.86.
The hourly FXStreet OB/OS Index is showing neutral conditions, alongside the FXStreet Trend Index which is slightly bearish.
USD/JPY Forecast
According to the latest USD/JPY Forecast Poll, “the market expects the pair to trade higher in the short term, albeit the outlook is quite mixed afterwards, following the latest breakout.” However, Yohay Elam from ForexCrunch says “that the fall of the yen is moving fast and could meet some Japanese comments to slow down the move.”
As for technical levels, if the pair extends gains above 124.45, it will find resistances at 124.60 and 124.80. To the downside, supports are at 124.10, 124.80 and 124.60.
(Market News Provided by FXstreet)