FXStreet (Córdoba) – USD/JPY is going through a consolidation phase after falling more than 200 pips on the back of BoJ Kuroda comments on the value of yen.
The Japanese currency appreciated broadly and dragged USD/JPY to a low of 122.45 but latest recovery attempts have remained limited by the 123.00 mark, confining the pair to a rangebound pattern over the last hours. At time of writing, USD/JPY is trading at 122.74, recording a 1.26% loss on the day.
USD/JPY levels to watch
As for technical levels, USD/JPY could find immediate supports 122.45 (daily low), 122.00 (psychological level) and 121.48 (May 26 low). On the other hand, resistances are seen at 123.00 (psychological level), 123.35 (intraday resistance) and 123.85 (Jun 9 low).
(Market News Provided by FXstreet)