FXStreet (Córdoba) – USD/JPY settled below the 124.00 level after a short period of volatility triggered by US data saw the pair seesawing in a wider range.
US retail sales data fail to keep USD rising
USD/JPY rose to a daily high of 124.13 immediately after US retail sales data was published, but as investors realized figures were not that impressive, the dollar retraced gains and dropped to a low of 123.25 in the subsequent minutes.
At time of writing, USD/JPY is trading at 123.62, recording a 0.82%, or 100-pip, gain on the day, having taken back most of Wednesday’s Kuroda-inspired losses. BoJ Governor said excessive yen gains have been corrected and that it is desirable that FX moves are in a range that reflects fundamentals. The yen strengthened across the board on the back of the comments.
USD/JPY technical levels
As for technical levels, next resistances are seen at 124.13 (Jun 11 high), 124.61 (Jun 10 high) and 124.73 (Jun 9 high). On the other hand, supports could be found at 122.45 (Jun 10 low), 122.00 (psychological level) and 121.48 (May 26 low).
(Market News Provided by FXstreet)