FXStreet (Edinburgh) – After a brief adventure to the 123.70 area, USD/JPY is now returning to the 124.00 neighbourhood on Wednesday.
USD/JPY extends the weekly upside
Spot is advancing for the third consecutive session so far, reverting last week’s pullback to the mid-122.00s and leaving the door open to challenge recent tops around 124.40. Today’s BoJ minutes ended up being a ‘non-event’ as widely expected by market participants, leaving the yen to the mercy of the broader risk trends and the Greek headlines.
US yields remain on the negative ground so far, removing some tailwinds from the US dollar ahead of the release of the Q1 GDP Annualized and consumer prices measured by the PCE.
USD/JPY levels to consider
As of writing the pair is losing just 0.02% at 123.93 with the next support at 123.77 (low Jun.24) followed by 123.47 (Tenkan Sen) and then 123.35 (low Jun.23). On the flip side, a breakout of 124.18 (low Jun.23) would target 124.46 (high Jun.18) en route to 124.56 (61.8% of 125.86-122.46).
(Market News Provided by FXstreet)