FXStreet (Mumbai) – Broad based US dollar rebound heightened the bid tone in USD/JPY in the late-Asian session as traders remain hopeful of better than expected host of US economic releases due later today. While impressive print of US existing home sales released on Monday also keeps the upbeat sentiment around the major intact.
USD/JPY rises from 123.52
Currently, the USD/JPY pair trades 0.28% higher at 123.70, hovering close to fresh session highs reached at 123.75 some minutes ago. The USD/JPY pair extends its upward moves, reaching fresh 4-day high, as the greenback remains favoured across the board ahead of key US macro releases.
The US dollar index, measuring the relative strength of the greenback against a basket of six major currencies trades edged 0.56% higher to fresh session highs of 95.09.
The major remains supported also on the back of a better US existing home sales reading on Monday which adds to signs of strengthening US economic recovery.
Looking ahead this week, traders are keeping an eye out for May’s durable goods release new home sales, and manufacturing data due to be reported later today. US durable goods orders data expected to show a 0.6% rise in core orders last month. While new home sales data is forecast to show a 524,000 rise in sales last month, gaining on April’s 517,000.
USD/JPY Technical Levels
To the upside, the next resistance is located 123.83 (June 12 High) levels and above which it could extend gains 124 levels. To the downside immediate support might be located at 123.38 (Today’s Low) below that at 122.57 (June 22 Low) levels.
(Market News Provided by FXstreet)