FXStreet (Córdoba) – USD/JPY rose further during the American session, broke above 124.15 and printed a fresh weekly high at 124.37. The pair remains above 124.30, near the 124.50 area.
The yen is among the weakest currencies in the market on Wednesday despite a decline in government bond yields. Stocks in Wall Street are falling modestly while European markets are posting mixed results. Greenback strengthened during the last hours particularly against the pound and commodity currencies.
Short-term levels to watch
To the upside, immediate resistance could be seen at 124.45, where last week highs lie; above there USD/JPY would be trading at the strongest since June 10. Then attention would turn to 124.60 (June 10 high). A consolidation above could open the doors for more gains.
On the opposite direction, the 124.15 area is now the immediate support, followed by 124.00 and 123.70 (daily low).
(Market News Provided by FXstreet)